UK property sales collapse to 30 year low
News that house sales in the UK have fallen to their lowest level for 30 years has sent shock waves through the estate agency sector. Reports that some estate agents are just selling one property a week seems to suggest that we are nearing crisis point in the sector. Companies going under and job losses seem to be firmly on the agenda unless there is a substantial bailout of the sector such as that seen in the US. But will it happen?
When you consider that the number of first time buyers has fallen by nearly 50% since this time last year and another 5% from just last month's level, times really are tough. Despite all of the headlines about mortgage rate reductions there seems to be very little follow through with events such as the affective bail out of the Derbyshire and Cheshire building societies not helping sentiment. So where now?
Despite much bluster and posturing over the last few weeks the government has delivered very little with the stamp duty freeze not enough on its own to make a difference. It needs a multi-pronged attack to make a difference but there is grave concern that the government is unwilling to take the risk and does not actually have the funding available.
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