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sancho panza

Property sales hit a four-month low as transactions plummet by almost a fifth in just one month

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https://www.propertyindustryeye.com/property-sales-hit-a-four-month-low-as-transactions-plummet-by-almost-a-fifth-in-just-one-month/

'Residential property sales hit a four-month low last month, HMRC data suggests.

The taxman’s latest Property Transactions report for September showed that sales volumes fell 18.2% on a monthly basis and 11.9% annually to 95,440 – the lowest amount recorded since May.

The biggest drop was in Wales, where sales were down 28.3% on a monthly basis and fell 21.8% annually to 3,910, while activity in Northern Ireland was down 25.3% on a monthly basis and fell 16.2% annually to 2,120.

Sales volumes in England fell 19.2% between August and September and declined 11.3% annually to 80,750.

Scotland was the only region of the UK to buck the trend, with sales up 2.2% on a monthly basis and 11.3% annually to 8,660.

The seasonally adjusted estimate of the number of residential property transactions decreased by 0.5% between August and September, and fell 2.7% annually to 98,400.

Commenting on the figures, Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, said: “The housing market is starting to plateau.

The slump in sales comes as agents report the number of properties available to buy increased by 15% September – rising from 40 in August to 46 per branch on average.

The figure – from NAEA Propertymark – is the highest number recorded since March 2016 when an average of 54 properties were available, and the highest for the month of September since 2014.

Demand was up on a monthly basis from 320 house hunters registered per branch to 338 in September, but this was down 14% from 394 in the same month last year.

There was some good news for first-time buyers, with their share of sales increasing by two percentage points last month to 22% after hitting a three-year low in August.'

 

 

 

Worth noting that there are no comments from all the economic experts in the Pie readership.

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4 hours ago, sancho panza said:

There was some good news for first-time buyers, with their share of sales increasing by two percentage points last month to 22% after hitting a three-year low in August.'

I fail to see the logic behind this part of the report. How is that good news for a FTB?

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35 minutes ago, Wheeler said:

I fail to see the logic behind this part of the report. How is that good news for a FTB?

Think they meant it was 'good news for first time buyers' in an EA sense if you get my drift.

It's obviously a disaster for anyone suckered into buying a new build oreven worse a enw build with HTB(just to make sure you're a debt slave for 35 years instead of 25)

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Christmas has come early at **, our final homes for 2018 come with a range of fantastic 'gifts' including Stamp Duty or 6 months mortgage paid up to the value of £30,000*.

 

Just had an email from Barratts. I've seen stamp duty paid before and a few add-ons but yet to see mortgage being offered to be paid. They really don't want to lower the price xD. Just to add this development has 14 properties listed for sale, usually, at most there would be four.

Edited by Admiral Pepe

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51 minutes ago, Admiral Pepe said:

Just had an email from Barratts. I've seen stamp duty paid before and a few add-ons but yet to see mortgage being offered to be paid. They really don't want to lower the price xD. Just to add this development has 14 properties listed for sale, usually, at most there would be four.

 Wow.  I'm starting to wonder how oversupplied the UK housing market really is...

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7 minutes ago, Majorpain said:

 Wow.  I'm starting to wonder how oversupplied the UK housing market really is...

 A good amount of building going on around my way. The only people I know personally buying are FOMO's on HTB. There can only be so many ejits willing to sucker themselves into these houses. That development is selling houses for the same price it was 12 months ago when it launched and they weren't offering those kinds of incentives. 

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33 minutes ago, Admiral Pepe said:

 A good amount of building going on around my way. The only people I know personally buying are FOMO's on HTB. There can only be so many ejits willing to sucker themselves into these houses. That development is selling houses for the same price it was 12 months ago when it launched and they weren't offering those kinds of incentives. 

500m Radius round work they have put up 118 homes on the old college, currently building 334 homes on industrial land, they are knocking down the fire station in 18 months and putting another 80 in its place and are looking at another 100 down the road.  Some of the 118 homes development are literally only two cars width.

Lets just say the local infrastructure is "poor" for the amount of people they are attempting to shoe horn into the space! 

Edited by Majorpain

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YoY mortgage approvals down 10%

https://www.propertyindustryeye.com/home-purchase-mortgage-approvals-plunge-almost-10-on-a-year-ago/

Mortgage approvals for home purchase hit a six-month low in September, data from the main high street banks shows.

Figures from trade body UK Finance showed there were 37,352 mortgage approvals for house purchase last month, down 9.4% annually and the lowest figure since March 2018.

It is also the third consecutive month that approvals have dropped.

Lenders also approved fewer remortgages, down 7.4% annually to 27,676.

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Nearly 40% reducing the asking price. THe HPI sentiment is waning.

https://www.independent.co.uk/news/business/news/uk-house-prices-property-market-outlook-london-manchester-glasgow-zoopla-a8599016.html

The asking price of almost two-in-five properties for sale in Britain has been reduced by an average of more than £26,000, new research has found.

Sellers have cut the price of 37.9 per cent of homes, up from 32.4 per cent in April, property website Zoopla said, in the latest sign that the UK market may be slowing down.

In the capital, 39.5 per cent of property listings have been reduced in price – up from 34.6 per cent in April. Mitcham, in southwest London, has seen 45 per cent of asking prices reduced – the most of any London borough. Kensington and Chelsea, home to some of the world’s most expensive residential property, registered the biggest drop in cash terms with an average discount of £127,394. 

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13 hours ago, UnconventionalWisdom said:

Nearly 40% reducing the asking price. THe HPI sentiment is waning.

https://www.independent.co.uk/news/business/news/uk-house-prices-property-market-outlook-london-manchester-glasgow-zoopla-a8599016.html

The asking price of almost two-in-five properties for sale in Britain has been reduced by an average of more than £26,000, new research has found.

Sellers have cut the price of 37.9 per cent of homes, up from 32.4 per cent in April, property website Zoopla said, in the latest sign that the UK market may be slowing down.

In the capital, 39.5 per cent of property listings have been reduced in price – up from 34.6 per cent in April. Mitcham, in southwest London, has seen 45 per cent of asking prices reduced – the most of any London borough. Kensington and Chelsea, home to some of the world’s most expensive residential property, registered the biggest drop in cash terms with an average discount of £127,394. 

I’m born and bred in Mitcham and unfortunately still live nearby. The only thing it has going for it is it’s transport links, cricket green and golf course. People tend to use it for the above and quickly leave. It always has and always will be the definition of a shithole, where even McDonalds closed down. Technically in Surrey but the county looks down on it like a red headed stepchild. 

Property prices have risen into bubble territory alongside all London suburbs, but consider it like the canary in the coal mine, it will be the first to drop like a stone in the downturn.

Edited by Sideysid

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