You are currently browsing the Less2sell Online Estate Agents Blog weblog archives for the day 23/11/2007.
- First time buyers (4)
- General (10)
- HIP's (6)
- Tips (6)
- UK Interest rates (16)
- 28/05/2008: Mortgage Approvals Down by 40%
- 10/05/2008: Interest Rates Remain Static
- 10/04/2008: Bank of England Reduces Interest Rate
- 26/02/2008: Mortgage lenders leaning towards cash-laden buyers
- 07/02/2008: Interest Rate Cut to 5.25%
- 23/01/2008: Interest rates could fall to 4%.
- 06/12/2007: Interest Rate drops by 0.25%
- 27/11/2007: Looking For A Good Deal - Tips For Homebuyers
- 23/11/2007: Pre-Christmas Slow Down Comes Early
- 23/11/2007: Final Phase Roll Out of HIP's
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Archive for 23/11/2007
Pre-Christmas Slow Down Comes Early
23/11/2007 by Damian.
The latest NAEA survey has been published and Less2sell have summarised the key points from the September report below:-
The number of house buyers on estate agents’ books was at its lowest for the past four years, with agents reporting an average of 282 buyers registered in comparison to the 326 recorded in October 2007.
The figures reflect the current housing market cool down, as banks, building societies and borrowers tighten their belts following continued uncertainty in the current economic environment. Prospective purchasers are putting their existing buying and selling ambitions on hold as the present cautionary cloud exists.
CAUTION IN THE MARKET
The number of sales agreed per agent was down in October with on average 10 sales reported, compared with 11 in September 2007. This is a significant drop from the same time last year when a figure of 14 sales was reported for October 2006, but reflects the current caution in the housing market.
Meanwhile, the percentage difference between asking price and sales price widened in October to 4.2%, which is an increase on September’s figure of 3.9%, and October 2006’s figure of 3.1%. This widening gap reflects that it is fast becoming a “buyers market” again.
GOOD NEWS FOR FIRST TIME BUYERS
First time buyers increased their share of the market from 8.8% in September to 9.2% in October in a positive step forward. Prices have calmed down in selected areas giving some first timers a renewed enthusiasm. However, this figure is down on the same time last year when first time buyers had 16.4% share of the market.
Less2sell Online Estate Agents feel that in order to restore confidence in the market several interest rate cuts are needed in 2008.
Some Long Awaited Good News For First Time Buyers
Agents Report A Boyount MArket for First Time Buyers
UK Interest Rate Rises by 0.25%
Posted in First time buyers, UK Interest rates, General | Print | 1 Comment »
Final Phase Roll Out of HIP’s
23/11/2007 by Damian.
From the 14th December 2007 all residential properties being put up for sale will require a HIP. This latest announcement has come despite huge opposition from the industry and warnings that HIPs are seriously damaging the market.
A small ray of light today is the decision to extend first day marketing until 1 June 2008. This will allow some breathing space for the market, but is in no way a solution to any part of the HIPs fiasco.
Posted in HIP's | Print | No Comments »