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House sales in UK fell by 53% in last 12 months

News that house sales in the UK have fallen by 53% over the last 12 months, from 126,000 last September to just 59,000 last month has seen the market take the figures in its stride. While they may make terrible reading they were not wholly unexpected and may not even mark the end of the fall. However, markets are trying to look ahead to a time when the mortgage market is liquid again and house prices consolidate at lower levels.

Many investors have written off the next 6 months and are starting to plan their strategies for next year when even signs of a recovery in the market are not guaranteed. Bad news at the moment is not sinking in as investors are literally punch drunk with disappointing property figures over the last 6 months with nobody actually knowing what is going on.

While there still seems to be some interest in the UK property market, such as from Canada and the Middle East, local investors are still too scared to even contemplate a move. If anything this actually shows that you can be too close to a market and get overly wrapped up in short term figures.

Nobody is saying that the UK fall is over but current levels must offer some interest for long term investors?

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