21 July 2010
NAEA: SELLERS HOLD BACK AS DEMAND FOR PROPERTY INCREASES
The UK housing market in June saw a rise in demand for property while housing stock levels decreased for the first time in four months, according to estate agents.
The National Association of Estate Agent’s market report for June showed an increase in the number of house hunters registering with an agent across the country. The figure rose from 265 in May to 279 in June as an average per branch.
The percentage of sales made to first time buyers remained the same as in May at 21 per cent, which suggests that although the increase in the Stamp Duty threshold to £250,000 didn’t affect this category, it might be attributed to aiding the wider buyers market.
The number of houses available for sale saw a slight decrease from 62 per branch in May to 59 in June while the number of sales fell from eight to six per branch on average.
NAEA President Michael Jones said: “It’s encouraging to see that increasing numbers of buyers have entered into the market. There is clearly demand for property at present but these figures suggest that the banks are still being restrictive in their mortgage lending policies to buyers.
“The fact that sales didn’t match this demand is most likely a result of the unclear picture at the start of the month. Buyers and sellers were expecting a hike in Capital Gains Tax (CGT) that although proved less severe than first thought, meant there was a hiatus in activity as both waited for the full facts to be established after the emergency Budget.
“If the banks ease up on mortgage lending restrictions then with a bit of luck, the summer months will see the sales figure rise in line with demand.”
Editor Notes
About the NAEA
The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land. The NAEA is a sister organisation to the Association of Residential Letting Agents (ARLA), as is PropertyLive.co.uk, the UK’s only regulated property portal.
The NAEA is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters. Both NAEA and ARLA members are bound by a vigorously enforced Code of Practice and adhere to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Associations.
Contacts
For further information contact:
NAEA PRESS OFFICE
Tel: 020 3128 8181
E-mail: press@nfoppmedia.com
