The largest property website Rightmove has stated that we are looking at further declines over the next three months.

The major problem in the housing market is the lack of mortgages being granted and or approved. People are just not bothering putting their house on the market because they can’t move to a new competitive mortgage.

The number of new houses being marketed in November was down by 30% to 80,000 compared to November 2007, and until the mortgage market recovers these levels will continue to be suppressed.

On a more positive note, the average value of a property across the UK is higher than twelve months ago, however Miles Shipside, Rightmove commercial director, said “In all but the most buoyant of markets home moving comes second to Christmas festivities and while the market has recovered from some dreadful lows, this months price fall proves that it does not yet have the strength to buck seasonal trends” 

Come on Bank of England get printing that money in time for Christmas.

Your Trumpo.

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.