The number of property sales in England and Wales has almost halved over the last three years – but the drop has been worse in the north than in the south.
In 2010, there were 649,957 home sales in England and Wales – 47% less than in 2007, when there were 1,222,402.
But in the north, sales are down by 51%, whilst in the south, they have dropped by 42%.
In Birkenhead on Merseyside, sales have declined by an astonishing 69%, whereas in Esher, Surrey, sales have declined by just 14.6%.
According to a new review by Lloyds TSB, based on Land Registry figures, there was a modest 6% rise in transactions between 2009 and 2010. But the rise was to an extent skewed by the 22% increase in London.
Whether the trend for slowly rising transactions will continue or go into reverse is open to question.
Suren Thiru, Lloyds TSB housing economist, said: “The decline in housing market activity over the past three years has been substantial. The current level of activity remains significantly below historic levels despite most regions seeing some increase in transactions in 2010.
“Looking forward, the overall level of activity in the housing market is likely to remain somewhat subdued for the foreseeable future, although regional differences are likely.”
Comments
Richard: No need to apologise to me. I am not an Agent - just a Geordie.
Interesting. You say you are a nationwide buyer. May I hazard a guess that you work for a "BMV" chop-shop based somewhere 'Dahn Sarf'?
Pee Bee, sorry crass generalisation, very un PC and North South divide.
However, we do buy property across the UK and the NE is easily the worst for the length of time agents are prepared for property to just sit on the market and really have no idea what anything needs to be priced at to sell in a reasonable period. I cannot imagine the difficulty of motivating a sales team everyday when they have no hope or idea where the next sale is going to come from.
Genuine apology to you Pee Bee.
Nowt wrong with Birkenhead or the Wirral Market place. "You'll Never Walk Alone" on Merseyside
who wants to live in birkenhead~!
Whatever happend to a property only being worth what someone can afford? (once known as prepared to pay). Economy of areas will always be different around the country, even within parts of towns and cities (location, location,location). So do you have city prices on your low income areas for example. it dosen't matter where you are in the UK, the principle is the same for everyone.
Richard: "...agents in the north are crazy, the NE even worse..."
Sorry - where are you based?
That's MY patch you are casting aspersions on. Either you KNOW this to be the case, or you are guessing.
Which is it - and why?
Anything has a price, agents in the north are crazy, the NE even worse, price them right or walk away, they price to list not sell. madness, the time on market should tell them but they just keep doing the same rubbish job, wake up boys! ( and girls)
Can't help but say told you so, 2 years ago. You have been planning ahead, haven't you?
Double dip is on the Horizon or has it already arrived and everyone is in denial mode. Prices have to fall and anyone who bought after circa 2005 can in general forget about getting the price they paid, back.
Is this not a case of only salebale properties (excludes repos/undervalue etc) will be those purchased pre 2004 ish, as that is the price the market will fall to and more in line with prices that FTB can start to get back onto the ladder. Until FTB are back in numbers, were going nowehere. They have to be in the system.