April housing market showed signs of stability

Estate agents are reporting evidence of a return to housing market stability in certain regions of the UK.

April saw figures for the number of viewings required before a sale is agreed and the average difference between asking and selling prices remain stable month-on-month.

According to the National Association of Estate Agents (NAEA), an average sale required fourteen viewings (up two on April 2007) and the average proportion of the asking price achieved was 95.3%.

The number of buyers registered with NAEA members fell to an average of 237 in April, compared to 249 a month earlier and the average number of properties for sale on agents’ books rose to 84, compared with 76 in March.

The NAEA’s president, Chris Brown, believes many potential buyers are waiting to see which direction the market will take, while some would-be first time buyers cannot enter the market because of difficulties in securing a mortgage.

Mr Brown is keen to point out that the UK economy remains strong and as a result, the massive price drops forecast by some analysts are not being seen.

However, estate agency is a local business and regional variations are notable; in April, NAEA members in the West Country and North East reporting a continued slowdown in the market.

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