July’s fall in activity continued into August, with an almost blanket ban on new finance being operated by the banks.
Unlike other months, the number of offers has finally collapsed. Although viewings are marginally up, the rate of offer is half what it was last month.
Continuing uncertainty over the Govt. plans for NAMA, uncertainty over Govt. plans for the banking sector, even uncertainty over the continuation of the Govt. itself has all fed the fear and confusion that is stalking the property market at present.
Banks that are looking for the taxpayer to bail them out are putting increasing pressure on their clients who have encountered difficulty, with new account managers being appointed to deal with small businesses that have cash-flow difficulties. Of course, as we can see with Liam Carroll and others, the larger debts are being cared for sympathetically until they are “sold” to NAMA and the problem becomes ours!
The comparative figures are as follows:
August 2008: Viewings 69 Offers 27
August 2009: Viewings 57 Offers 13
David McWilliams says that NAMA is our economic Stalingrad. I sure hope we are the Russians and not the Germans!
No to NAMA march Saturday 12th Sept. Details here.