Propaganda Fail

From the BBC:

There has been a huge rise in the proportion of home buyers paying for their new homes in cash.

Figures compiled by the Council of Mortgage Lenders (CML) show that in January 2011, nearly 40% of buyers did not need a loan to buy their home. This means the proportion of cash buyers has more then doubled since 2005, when the records began.

This in turn suggests the market is increasingly the domain of the cash-rich, with many other buyers shut out....

The number of cash buyers is actually unchanged, what the Homeys at the BBC forget to mention is that transaction numbers have halved.

And in any event, these aren't really all cash buyers, most of them are people who sold their previous home(s) to somebody else who had to take out a mortgage - and as fewer and fewer people are taking out mortgages, it stands to reason the the number of cash buyers will dwindle.