With mortgages still hard to get, how are house sales being affected?
The most up-to-date official figures available from Land Registry show that during September 2008 the number of completed house sales fell by 61% to 38,508 from 98,075 in September 2007.
The Royal Institution of Chartered Surveyors (RICS) housing market surveys has suggested there could be a 10% increase in sales volumes in 2009. It found in November 2008 that the number of enquiries received from new buyers has risen to its highest level since 2006. RICS said the key to turning these enquiries into actual sales would be the availability of mortgages.
RICS chief economist Simon Rubinsohn said: 'Lenders are likely to remain cautious in the near term in the absence of any guarantees on mortgage backed securities. However, transaction levels do seem to have hit a floor with some signs that opportunistic investors are returning to the market. We expect a modest rise in sales over the course of the next year from the very low levels seen in recent months.'
Mortgage lending in November 2008 amounted to £422 million, according to statistics from the Building Societies Association (BSA). The figure is an increase on the £413 million lent in October 2008, but remains 46% lower than the £790 million building societies lent in November 2007. Gross mortgage lending was £2,595 million in November, compared to £4,070 million in 2007, added the BSA.
Fionnuala Earley, Nationwide's Chief Economist, said: 'A great deal of uncertainty surrounds the matter of credit criteria and how much this is likely to continue to be an issue in 2009. The latest Bank of England Credit Conditions survey shows how credit conditions have been tightening at a slower rate over the last year. This may suggest that we are past the most severe phase of tightening and may mean some stabilisation or even relaxation in criteria in 2009.'
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