A 6.2% drop in 2014 of HTB flat resale sales is the largest since the 8.2% drop in 2001. This is according to data published by the housing board on Friday and reported by PropNex Reality./
Based on the quarterly basis of sales for 2014 the 3rd quarter fell 1.5%, which marked the 6th consecutive 3-month period of declining sales.
Westwood Residences Resale Prices
Resale volume dropped 17,318 units from the 18,100 units sold in 2013. This indicates a 4.3% drop in the HTB market since last year as fewer buyers are entering the market at this time for Westwood Residences.
Numerous causes were cited such as a combination of property curbs that occurred as reducing the Mortgage Servicing Ratio (MSR) of 30%. Another factor was the maximum loan term of 25 years for HTB mortgage loans, and finally the three-year wait for new PR’s before they can buy resale flats all combined with the allowance of singles to buy 2-room build-to-order (BTO) flats in non-mature estates. This was all reported along with the total drop in resales by Propnex as well.