The uncomfortable truth about the housing market | Peter Antonioni | Comment is free | guardian.co.uk
The latest Council of Mortgage Lenders (CML) figures on house purchases tell an interesting tale, but not the one to which headlines wish to draw our attention.
It's been widely reported that cash purchases now make up 40% of transactions, a dramatic rise from the 18.7% that cash purchases made up in June 2005. Shady oligarchs buying up their latest des res with untraceable cash – that was the story most commentators have gone with.
But let's have a closer look at the figures. In actual fact, the raw number of cash purchases has hardly changed between 2005 and 2011. So, it's not that there are more billionaires on the market, but that the rest of the market has vanished. And that's just the start of the story.
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