The soft landing has been happening since 2003! To be honest I thought it would slump earlier, but there are a multitude of factors to bring into the equation – in a country such as UK, a person living in the house HAS to try and keep it – its their roof! In the majority of cases bought here, people have the income to see them over the slumps so no need to sell. The ones that are stuck are the owners working here who are seeing a drop in income – or none at all – and speculators.
Funds are buying up developments at developer mortgage rate and will sit on them until it picks up – that is fact. Outgoings are costs in the business world for them so not the same as an independant investor. And buyers finding a good deal are still around.
I agree with the commission statement Steve – ours always has been 2.5% and drop if need be to close a deal.
And I would consider myself honest – no one anywhere is 100% honest!! 😉
Roll on 08 – there will be many many casualties and not just in RE. Yesterday I was in Banus and it was a ghost town. Loads of units empty and at 11am, many shops not even bothered to open!!
Might go into the cheap food market myself…………….. 😆