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NAEA Members Report a Stable Market
Members of the National Association of Estate Agents (NAEA) reported that consumer confidence has slightly risen in May. The latest housing market survey presents evidence of a stable market, with consistency shown in the number of houses on agent's books, the number of sales agreed and the time between instruction and sale.
However, from the results shown, there is still a need for reassurance.Chris Brown, President of the NAEA, comments: "The figures from the May survey indicate a slight confidence boost from consumers in the market with a rise in house hunters" but he stresses that the NAEA will continue to urge the government to help the market in order to maintain more stability and restore more confidence. "We have called for measures such as a stamp duty holiday for first time buyers and temporary tax relief on the mortgage interest of people's primary residence" continues Mr Brown. "We really want to see action from the government to ease pressure and give consumers hope for the future."
May figures presented a dramatic leap in the number of houses available compared to the month before. This suggests that it is a buyers market, as there are more choices available to them. Therefore, it may be easier for the buyer to find a property that suits them and their financial situation. However, NAEA members reported a rise in the average difference between the asking and sale price. This continues to show a dislocation between what sellers believe their house is worth and what the market is prepared to pay.
William Wells, Residential Sales Director, comments "The demand for property in this area is still there but, undoubtedly, buyers are more cautious. Providing you also have sellers who appreciate that the market has changed and are prepared to be flexible on price, a deal can clearly still be done.
He continues "It is also interesting to note that the number of aborted sales has reduced in recent months which would suggest that the increased levels of caution in the market generally has deterred many who do not have to move from entering the market and has subsequently left us with very much more committed buyers and sellers."
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