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NAEA: Property market beginning to stabilise
21 August 2008 11:30
Some stability returned to the housing market last month, according to new National Association of Estate Agents (NAEA) data, but activity levels remain down on a year ago.
The number of sales per agent stayed steady at an average of six in July, although this was down from an average of ten in the same month of 2007, while housing stock rose from 94 per agent in June to 95, with properties remaining on their books for longer.
House hunter numbers also declined from an average of 314 per agent in July 2007 and 226 in June to 192 last month, partly due to the holiday season, but also reflecting a lack of confidence in the market, with potential buyers taking a wait-and-see approach.
Meanwhile, having risen from 10.6 to 11.8 per cent in June, the share of purchases made up by first-time buyers fell back to 10.7 per cent in July, with this group's confidence levels having been fluctuating all year and some still unwilling to enter the market.
NAEA president Chris Brown said these figures indicated a degree of stability in the market but that many consumers are still waiting for an improvement in conditions, while urging the government to ease the situation by clarifying the future of stamp duty.
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