Housing market remains “hesitant”

The National Association of Estate Agents (NAEA) has published data showing that the number of house buyers on estate agents’ books has fallen.

In February, the figure stood at an average of 243 per agent (the lowest on record) compared with 276 in January.

Meanwhile, the average number of properties registered on members’ books dropped to 74 in February, while the time taken to sell a property also dropped slightly, to an average of just over 20 weeks.

The NAEA sees the figures as indicative of hesitancy in the market, with many people waiting to see if more favourable conditions will emerge this year.

The Association also noted that the difference between asking and sales prices has widen again, to an average of 4.5%, highlighting the need for homeowners to market their properties realistically.

Stewart Lilly, NAEA President, comments: “The figures reported in February echo the current climate of confusion that is clouding the property market at present. Invariably, the global credit crunch, especially the US situation, has had a knock on effect, which, coupled with consumer inflation, is placing continuing pressure onto the property market.”

However, Mr Lilly remains optimistic, adding: “We still have a long way to go before we see the difficulties of the late 1980s repeating themselves!”

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