Friday, February 23, 2024

Blogspot: Large drop in Purfleet and Thurrock property markets

14.6% Drop in the Purfleet and Thurrock Property Markets
by Paul Tobias-Gibbins

https://www.mpestates.co.uk

THE number of residential property transactions in Thurrock will be 14.6 percent lower in 2018, compared to 2017.

Property Markets

According to my research, the seasonally adjusted statistics for our local authority area suggest with the number of properties already sold in 2018, and the number of properties currently under offer or sold subject to contract (allowing for property sales to fall through before exchange of contracts) we, as an area, will end the year 14.59 per cent lower compared to 2017.

The Transaction Numbers

So why are transaction numbers so important to Purfleet homeowners, landlords and potential first-time buyers?

Many economists and property market commentators believe transaction numbers give a more precise and truthful indicator of the health of the property market, over just general house values. In the six years before the Credit Crunch in 2007/8, the average number of completed property transactions in the local area (the local authority covered by Thurrock) stood at 4,152 per year .. yet in the three years following the Credit Crunch, only 1,530 homes were changing hands each year in the area on average.

Roll the clock forward to more recent times. Last year in 2017 – 2,763 homes changed hands (i.e. transacted and sold), not far off the local authority’s 23 year overall average of 3,058 homes per year.

To read more, click here

https://www.thurrockpropertyblog.com/drop-in-the-purfleet-and-thurrock-property-markets/

2 COMMENTS

  1. Maybe because we are heading for a bigger crash than 2008.

    Every economist and trader knows it. But the media wont cover it. because big business and governments dont want you to know.

    You only have to do a quick calculation of corporate bond/private debt globally and a slight increase in interest rates to see.
    Global Debt $233 trillion
    Global GDP $78 trillion.

    If the interest rate goes up to 6% it will mean interest payments of $14 Trillion.
    thats 18% of global GDP.
    It wil destroy the business community because no business can trust another business to make payments due to the business failure rates.

    JDP is an economist and her eyes are rolling at this.
    Love you babes.

    Economic Neoliberalism is the greatest threat to Capitalism.

    In may a hell of a lot of traders got out of the futures markets due to the Banksters. I love deregulation.

    When it happens I will be the one saying the Banksters should live within there means.
    Take note JP Morgan and Goldman Sachs.

  2. Its simple – the place is a shit hole and who would choose to live there really? Only migrants from London it seems.

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