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UK car dealers suffer worst May since 1952 - SMMT

BRITISH new car sales tumbled by an annual 89 per cent in May, only slightly less negative than April's record 97 per cent collapse, as car dealerships remained shuttered by the government's coronavirus lockdown, industry data showed on Thursday (4).

New registrations of 20,247 units represented the weakest May for sales since 1952, the Society of Motor Manufacturers and Traders (SMMT).


Sales were down 51.4 per cent in the first five months of 2020 but the industry is hopeful that a re-opening of dealer showrooms in England this week will help to spur a recovery.

"Early reports suggest there is good business given the circumstances, although it is far too early to tell how demand will pan out over the coming weeks and months," said Mike Hawes, SMMT chief executive.

"Restarting this market is a crucial first step in driving the recovery of Britain's critical car manufacturers and supply chain, and to supporting the wider economy."

The possibility that Britain's transition out of the European Union ends in December with no new trade deal is also likely to weigh on carmakers, some of whom have highly integrated supply chains with the continent.

Nissan's car manufacturing plant in Sunderland, northern England, which employs 7,000 people, is "unsustainable" if Britain leaves the EU without a trade deal, it said on Wednesday (3).

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  • Average asking prices dropped 1.8 per cent (£6,589) in November to £364,833 the steepest fall for this time of year since 2012.
  • High-value properties hit hardest, with sales of homes over £2 m plunging 13 per cent year-on-year.
  • Mortgage lending growth forecast to slow from 3.2 per cent to 2.8 per cent in 2026 as affordability pressures mount.

Britain's housing market has hit the brakes ahead of the November (26) budget, with property asking prices recording their sharpest November decline in 13 years, according to data from Rightmove.

The average price tag on newly listed homes fell by 1.8 per cent (£6,589) to £364,833 last month significantly steeper than the typical 1.1 per cent November dip seen over the past decade. The slowdown reflects mounting anxiety about potential tax changes in chancellor Rachel Reeves's upcoming fiscal statement.

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