House sales down 40pc since property boom

[AtW]

"Just over 15 completed sales were made per surveyor in the three months to May, down from around 25 sales made over the same period in 2007.

The reluctance of many banks to offer people mortgages they can afford is behind the "stagnant" market, RICS said, although it expects sales to pick up over the summer months.

Lenders have been tightening their borrowing criteria amid the weak economy and the ongoing eurozone crisis, making it harder for people to take out a mortgage, with several putting up their rates for both new borrowers and a total of more than a million existing ones.

There were 51,823 approvals for house purchase in April worth £7.6bn, a 1.5pc increase on the previous month, but still under the previous six-month average, according to recent Bank of England figures.

The figures have been modestly creeping up after hitting a seven-month low in February, just before a two-year stamp duty holiday for first-time buyers ended the following month. "

Source: House sales down 40pc since property boom - Telegraph

One would have thought that such a massive drop in sales would result in prices sliding down massively

[DimPrawn]

You really don't get it do you?

Prices only fall massively if people are FORCED to sell at a loss. And since the banks are letting people take payment holidays and extend the mortgage period rather than default to protect their balance sheets, who is going to sell at a loss?

[AtW]

who is going to sell at a loss?

Indeed - even bank which repossessed my block of flats in 2008 does not want to take a loss - they prefer to rent 'em out, well they had a chance to get a buyer last year - I've decided to look for something better than a flat now.

[Bunk]

I've decided to look for something better than a flat now.

You mean you're getting an eco-shed?

[doomage]

Won't somebody think of the Agents?

[sasguru]

Well I've done my bit with one sale and two purchases in the last few months

[AtW]

Well I've done my bit with one sale and two purchases in the last few months

Got divorced eh?

[AtW]

You mean you're getting an eco-shed?

First I'll need a proper house

[oracleslave]

First I'll need a proper house

So was the 4 bedroom detached house in Brum you were banging on about all a figment of your imagination then? Lay off those non-alcoholic Becks you like so much.

[AtW]

So was the 4 bedroom detached house in Brum you were banging on about all a figment of your imagination then?

Not sure what you talking about ...