NAEA tracks housing market slowdown

The National Association of Estate Agents (NAEA) has published its September survey with data indicating a slowdown in the housing market.

The number of both sales agreed and buyers on estate agents’ books were down for the time of year, while the volume of houses for sale was high.

Eleven sales per agent were agreed in September 2007, compared with 12 per agent in August of this year and 14 in September 2006.

Last month, the figure for sales agreed was more in line with the housing market’s quieter summer and bank holiday periods.

In addition, the data shows a high level of sales falling through. At 10.7% the figure is similar to that of August and probably reflects the level of uncertainty surrounding the housing market.

The NAEA is advising sellers to be realistic about pricing property if they want to sell quickly because many areas of the UK are experiencing a shortage of buyers and unusually high stocks.

During this summer figures for the number of purchasers on estate agents books have been at their lowest since the NAEA survey began and the trend appears to be continuing into the autumn.

In September, the number remained the same as for August, with 326 buyers per agent.

First-time buyer numbers reduced for the second month running, to 8.8% compared with 9.7% in August and 11.1% in September 2006.

In September, the percentage difference between asking price and sales price increased to 3.9%. This compares with 3.5% in August and 3.1% in September 2006.

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