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09/09/2008
Sales Drop Further With Little Sign Of Respite
The average number of transactions per surveyor fell further in August as a lack of mortgage finance continued to stifle the ability of buyers to access the market according to RICS' UK housing market survey.
The RICS house price balance improved slightly for the fourth consecutive month but still remains at a significantly low level. 81.0% more Chartered Surveyors reported a fall than a rise in house prices, a decrease from 83.1% in July. The continued inability of many to secure mortgage finance is reflected in the collapse in transactions. The average number of transactions per surveyor (over the last three months) is now at 12.7, the lowest figure since the survey began with some Chartered Surveyor estate agents in a number of regions reporting less than 1 sale per week.
Demand remained weak in August. The balance of surveyors reporting new buyer enquiries fell slightly with 28% more Chartered Surveyors seeing a fall than a rise compared to 27% in July. In June and July, surveyors reported that many sellers had dropped asking prices to more realistic levels and that predatory buyers were waiting to pounce on bargains, but the traditionally weak month of August has seen this interest stagnate.
RICS spokesperson Jeremy Leaf said: "A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery. While money is scarce, many will continue to be denied the next step on the property ladder. The Government's stamp duty policy will not be enough kick start transactions and is more likely to assist buy-to-let investors with better access to finance than the first-time buyers it was aimed at. More needs to be done to reinvigorate a market whose confidence has taken a severe knock."
(CD/JM)
The RICS house price balance improved slightly for the fourth consecutive month but still remains at a significantly low level. 81.0% more Chartered Surveyors reported a fall than a rise in house prices, a decrease from 83.1% in July. The continued inability of many to secure mortgage finance is reflected in the collapse in transactions. The average number of transactions per surveyor (over the last three months) is now at 12.7, the lowest figure since the survey began with some Chartered Surveyor estate agents in a number of regions reporting less than 1 sale per week.
Demand remained weak in August. The balance of surveyors reporting new buyer enquiries fell slightly with 28% more Chartered Surveyors seeing a fall than a rise compared to 27% in July. In June and July, surveyors reported that many sellers had dropped asking prices to more realistic levels and that predatory buyers were waiting to pounce on bargains, but the traditionally weak month of August has seen this interest stagnate.
RICS spokesperson Jeremy Leaf said: "A lack of mortgage liquidity is the key issue which is keeping the housing market from showing any real sign of recovery. While money is scarce, many will continue to be denied the next step on the property ladder. The Government's stamp duty policy will not be enough kick start transactions and is more likely to assist buy-to-let investors with better access to finance than the first-time buyers it was aimed at. More needs to be done to reinvigorate a market whose confidence has taken a severe knock."
(CD/JM)
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Almost 200,000 More People Now In Work
The latest employment figures from the Office for National Statistics (ONS) show that the number of people in work rose by 193,000 to 30.15 million in the three months to December. The number of people unemployed fell to 2.34 million, a drop of 125,000, for the same period. The unemployment rate now stands at 7.2% with the employment rate at 72.
22 November 2013
Stockport Furniture Store Collapses Into Street
A Stockport furniture store has collapsed into the street without warning, crushing a car. According to reports at around 19:00 the upper floors of the building fell onto Little Underbank, leaving just a chimney wall and part of the ground floor of the furniture store standing.
Stockport Furniture Store Collapses Into Street
A Stockport furniture store has collapsed into the street without warning, crushing a car. According to reports at around 19:00 the upper floors of the building fell onto Little Underbank, leaving just a chimney wall and part of the ground floor of the furniture store standing.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
