24
Apr
'Keen market' despite obvious problems
Both buyers and sellers remain in the property market despite the
difficulties seen by those looking to get on the property ladder,
new figures have revealed.
The National Association of Estate Agents (NAEA) said that the
average amount of homes on the books of agents in March (76) was
higher than the month before (74).
But consumers are retaining a cautious approach during the credit
crunch, the organisation said, with the number of sales for each
agent down to seven on average.
The market share taken up by first-time buyers decreased to 8.3 per
cent in the month, the lowest seen for over nearly two years, the
NAEA added.
Stewart Lily, president at the firm, remained upbeat because the
fundamentals in the market have not subsided.
"In fact, a number of NAEA agents from across the United Kingdom
are still reporting stable property markets with many of their
branches making steady sales," he commented.
Plans by the Bank of England to swap bonds for bad debt were given
support from the Council of Mortgage Lenders this week.