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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Fri Dec 07, 2007 7:01 pm Post subject: UK Housing Slump Gains Momentum as Properties Fail to Sell a |
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By: Nadeem_Walayat
Home owners failing to sell properties through the traditional estate agency route are increasingly opting for the chance of a quick sale offered by Auction houses up and down Britain.
However the number of sales being achieved at auctions has plummeted, even after worried sellers rush to accept offers prior to the auction. The resulting supply overhang will result in further sharp falls in the housing market that will accumulate over the coming year as home owners price expectations are behind the housing curve and are forced to repeatedly cut prices.
So not only are auction houses seeing properties selling for far less than just a few months ago, but the auction route no longer offers the near 97% certainty of the property being sold which existed earlier in the year.
As an example of the results from a typical northern auction house in the city of Sheffield on 6th November 07, compared with earlier auctions during the year.
http://www.marketoracle.co.uk/Article2954.html |
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