Estate agents report rise in sales

| May 18, 2009
Estate agents report rise in sales

The National Association of Estate Agents (NAEA) has reported that its members sold more houses in April than in any month since October 2007.

The average estate agency branch sold ten properties last month, up from eight in March and a record low of five in August 2008.

The Association’s chief executive, Peter Bolton King, says: “What we are beginning to see now are consistent positive indicators that have held firm or improved since the beginning of the year.”

He believes that British attitudes towards property ownership will not be fundamentally changed by the recession and that confidence is returning to the market.

Referring to recent figures published by the Council of Mortgage Lenders (CML) showing a rise in lending for house purchasers, Mr King comments: “Every measure by every organisation has shown that the fall in house prices is slowing, and it is understandable that those people who have access to finance want to take advantage of that and reap the rewards when the market begins to bounce.”

According to the CML, house purchase lending accounted for 35% of all mortgage lending in March, up from 31% in February and the highest proportion since December 2007.

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