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Saturday 14th of February 2009
November 19, 2008

NAEA: Property sales up second consecutive month


by Kay Murchie
NAEA: Property sales up second consecutive month

Figures from the National Association of Estate Agents (NAEA) have revealed that the number of properties changing hands rose slightly in October, for the second consecutive month.

The NAEA’s survey found that the average estate agent sold seven properties in October, up from six the previous month. The slight rise is attributed to the fact that sellers are being more realistic and are slashing their asking prices, said the NAEA.

Chris Brown, president of the NAEA, said sellers are beginning to face up to the reality that their houses are not worth as much now as they were this time last year.

According to a report published earlier this week by property search website, Rightmove, homeowners are slashing their asking prices by £6,500 in a bid to sell their home.

The housing market is suffering in the wake of falling house prices and a mortgage drought.

According to recent reports by the Halifax and Nationwide, house prices have fallen by around 15% in the last year.

Meanwhile, the latest figures from the Council of Mortgage Lenders show that gross mortgage lending continues to decline.

It has become increasingly difficult to obtain a mortgage without a hefty deposit since the credit crunch has meant lenders are only willing to lend to those with an excellent credit rating or a large amount of equity in their properties.

Finally, as a result of the downturn in the property market, the jobs of 15,000 people working in estate agents’ offices are at risk, according to a report published in The Times last week.

Since last summer, it is estimated that up to 7,000 estate agents have lost their jobs through staff cuts at branches or the closure of offices.

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Story link: NAEA: Property sales up second consecutive month


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