UK Housing Market At "Impass"
Home prices in the UK are mixed with some indicators pointing up and some down. But the number of sales was decidedly down. "The Land Registry said 159,116 properties changed hands during the first three months of the year, 35 per cent down on the 243,914 sold during the same period of 2004."
"A similar picture was seen in London, with sales in the capital falling by 36 per cent to just 20,788, as the housing market slowed down. In some boroughs the number of transactions halved, with the steepest falls seen in sales of pricey detached homes."
"The fall in activity appeared to feed through to prices, with house price inflation slowing to a three-year low of 10.27 per cent, well down from the peak of 22.2 per cent at the end of 2002."
"Economic forecast group Capital Economics recently said that the UK housing market was at an "impasse", with buyers no longer willing, or able, to meet asking prices and sellers reluctant to lower them."