Financial woes are just tip of the crisis 'iceberg': ONS
Fresh data from the ONS, in a 69-page article, Impact of the Recession, showed that households in England and Wales suffered higher unemployment, a declining property market and less disposable income over the period from 2008.
In the housing market, the number of property sales decreased rapidly during late 2007 across all regions, according to the ONS. The number of property sales fell by 40 per cent between the second quarters of 2007 and 2008, while house prices declined between the third quarter of 2007 and 2009’s first quarter.
The east of England and the southeast saw the greatest fall in house prices, while London experienced the smallest decline.
The article also considered the peripheral effects of the recession. For instance, the number of suicides increased, and the demand for higher education places increased noticeably for entry in 2009 and 2010, with a surge in the volume of applicants who were not accepted for higher education courses between 2008 and 2010.
According to the article, authored by Cecilia Campos, Alistair Dent, Robert Fry and Alice Reid for the ONS, the credit crunch has affected households in many different ways. The article said that analysing these factors has provided a wider picture of the recession and one that has not previously been examined.
Between early 2008 and throughout most of 2009, the unemployment rate rose sharply across England and Wales. The greatest job losses were in the manufacturing, wholesale and the retail trade industries.
These two sectors combined contributed to at least 39 per cent of the total job losses in the east of England, East Midlands, southeast, southwest, West Midlands and Wales.
Aj Somal, IFA for Birmingham-based Aurora Financial Planning, said: “The key theme here is consumer confidence. If people fear for their jobs, they will not make high-value purchases, such as a house, which has a dramatic effect on the housing market and a massive effect across the board economically. However, this could also present an opportunity. Outside London, property prices are stagnating, so the effects of the credit crunch could mean it’s a good time to get on the property ladder. It’s becoming a buyer’s market.
Aj Reed Suicide - News
Jayson Werth takes a 1-0 slider to deep right where Reed Johnson makes the grab. Morse tags and takes third, and on the first pitch from Wood to Wilson Ramos, Morse is charging! Suicide squee--Ramos swings! Foul. That could have been ugly.
The credit crunch has affected everything from personal savings levels to suicide rates, the Office for National Statistics has revealed. Fresh data from the ONS, in a 69-page article, Impact of the Recession, showed that households in England and
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