Housing sale lowest in 30 years

[temi]

The slump in the property market is becoming even worse, according to a survey from the Royal Institution of Chartered Surveyors (Rics). Estate agents sold on average under one property per week each in September.
The number of properties being sold across the UK was the lowest since the Rics survey started in 1978 and was 52% lower than in September last year.
London was the region with fewest sales per estate agent, at an average of just eight in the previous three months.



source: bbc

 

[neilrbowen]

Its not great at the same time, the cause for drops is not having any money to lend people to buy properties with,

this acctually makes it harder for first time buyers despite the drop in prices.

The people who will make most from this are the people with most money who can now buy up cheap properties with cash and wait.

 

[TeamPlayer]

True, recession isn`t a good thing, though I do think house prices all got a bit silly, with daft increases in values. They`re at least a bit more realistc now, though the banks and building societies will have to start cutting back on loans to people who really can`t afford them (which of course is how this all started in the US with sub-primes etc).

And if unemployment starts to go up that won`t help matters either.