On the other side of the Pond

Posted by admin on January 30, 2009 · Leave a Comment

The housing bubble burst first in the US as the subprime collapse affected a lot of working class people. Recent data from the US indicated that new home sales fell sharply by a 14.7% in December while existing home sales appeared to have rebounded the opposite way. Just 331k of new homes are now being sold on average which is less than a quarter of the sales rate at the peak with an average price tag of $220K, this is clearly more bad news on the housing sector.

We are bound to see the same effect here in the UK over the coming month but with a less harsher decline as the UK market is not as volatile like the US. Also in the UK the majority of sales are for existing houses as our new build schemes are far fewer than over the Atlantic (we are restricted for space being an island), so existing home owners trying to sell will have to be patient to get the right price but buyers with cash will definitely snap up good bargains this year.

Filed under Property Information · Tagged with us subprime collapse

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On the other side of the Pond

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