Aborted Sales at 29% For June
The Quick Move FTI* falls for the fourth month in a row.So are we witnessing a recovery? Well the answer is yes and no.
Yes some homeowners are now prepared to sell and there are some buyers out there. This is a response to the availability of mortgages improving slightly and the rate of price falls easing. Which has in part help reduce the number of sales aborting.
However we are still a long way off a healthy market. According to the HMRC there were just 65,000 property sales in June compared to 140,000 in the same month in 2007. With prices expected to continue falling in the short to mid term we are still a long way off a true recovery.
Unfortunately if recovery is measured by historic average transaction levels alongside prolonged price increases then we are looking at years and not months before a true market recovery.
*This figure is based on property sales that are professionally qualified and managed and the true rate of fall through on the open market is unfortunately much higher.
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