From a write-up of Rightmove's House Price Index in The Times:
"Rightmove said that available property remained thin, with 89,140 new homes coming on to the market this month, 30 per cent below 2007 levels."
*ahem*
At the very peak of the market, about 100,000 homes were bought and sold every month (which was unusually high). Over the last six months, during the mini-bubble, volumes were around one-third of that, i.e. 35,000.
So not only are 89,140 new properties for sale more than twice enough to meet actual demand, they are adding to the backlog. Rightmove currently claims to have over 650,000 properties for sale throughout the UK, a figure which they haven't changed for months (although it is possible that 50,000 homes that remain unsold are taken off the market each month).
*/ahem*
Monday 16 November 2009
"Thin"?
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4 comments:
... and the glut of over-supply of for-sale houses thereby forces the price lower still...
Only if the currency regulator can't create a glut of credit to fight the rise in affordability.
""Rightmove said that available property remained thin, with 89,140 new homes coming on to the market this month, 30 per cent below 2007 levels.""
I wouldn't believe Rightmove 100%.
If you drop a property by even £1 it comes up on rightmove as a new property.
I did this in 2006 to get more interest in my flat. It appeared twice as a new property in one month.
Anon, fair point. But the only way that they can justify "thin" is by admitting that actually 35,000 or fewer properties are coming onto the market, which makes a mockery of their 89,140 claim and their 650,000 claim.
In other words, to support one contention, they'd have to admit they were lying about everything else.
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