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NAEA: Lower activity makes for 'buyer's market'
27 March 2008 10:30
The presence of homebuyers and sellers alike on the property market declined last month, according to new data from the National Association of Estate Agents (NAEA).
February saw the average number of buyers on estate agents' books fall by 13.6 per cent from the month before to a new record low of 243, while the number of properties available per agent also dipped from an average of 83 in January to 74.
Nonetheless, the number of sales per agent remained static at an average of eight, although this was down from the average of 13 recorded in February 2007, while the ratio of sales to unsold stock also dropped from 9.9 per cent in January to 8.6 per cent.
Meanwhile, the progress made by first-time buyers (FTBs) of late was also reversed slightly last month, as after four successive increases, the proportion of sales they accounted for fell from 14.5 per cent in January to 11.7 per cent in February.
Yet while NAEA president Stewart Lilly was disappointed by this decrease, he still expressed hope that FTB presence would expand again as house prices begin to match prevailing conditions, adding that the market is increasingly favourable to new buyers.
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