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Pending sales of previously owned homes in the UK fell again in October, while chain store sales for the first week of December declined as the economic outlook continued to worsen. Although the drop in pending home sales was unexpectedly small, analysts said a key reason was rising foreclosure sales, with homes being auctioned off at much cheaper prices. There is no doubt that buying new homes has become far more complex and difficult than it was this time last year but that is not the only reason why the economy is sliding even further downhill. Chain store sales dropped in the week ending December 6th to an all time low. Major UK chain stores such as, Woolworths, The Pier and Lidl are in danger of going into administration.
The reports are more fuel for the Government to cut VAT and interest rates across the country. I am personally surprised that house prices have not dropped even further with the collapse of Halifax bank but they have seemed to level out reasonably well. However, it will be a long time before we can expect normal house prices again in this country.