The gap between asking and selling prices shrunk dramatically last month according to the National Association of Estate Agents (NAEA) – and estate agents continued to see strong sales – so is this further evidence that the UK property market is on the road to recovery?...
[UKPRwire, Tue Jul 14 2009] The gap between asking and selling prices shrunk dramatically last month according to the National Association of Estate Agents (NAEA) – and estate agents continued to see strong sales – so is this further evidence that the UK property market is on the road to recovery?...
New research suggests that the UK property market is continuing to stabilise. The NAEA has found that agents witnessed good sales levels in June and that buyers were increasingly prepared to pay the asking price for their chosen property.
This is great news for those looking to sell up.
Overall, the difference between asking and selling prices shrank to just 1.9 per cent in June, down from a 6.3 per cent difference the previous month.
NAEA President Gary Smith said, “The housing market is in a far stronger position than it was 12 months ago.
“After several months of continuous improvement the market stabilised in June, ahead of an expected seasonal dip throughout the summer,” he added.
One in three UK estate agents say they have seen a 10 per cent increase in properties coming onto the market comparison with six months ago. One in six agents reported up to a 20 per cent increase.
Mr Smith added, “Since the beginning of the year NAEA members have seen a significant increase in demand.
“There are clearly plenty of buyers out there. Last month the NAEA registered an average of four buyers for every available property in the UK.
“However the vast majority of these buyers also become sellers and these up-to-date figures show that as these buyers decide on a property the supply of housing will increase.
“It is another positive indication that the UK housing market is over the worst and the NAEA calls on the Government to further badger banks and building societies to respond to the opportunity to pull the situation around,” added Mr Smith.
In order to bolster the market further, the NAEA is calling for the Government to do more, such as scrapping the controversial Home Information Packs and boosting access to lending.
Whilst agents had fewer properties on the books in June - 64 properties, down from 69 in May and a high of 100 in December 2008, they sold an average of 10 homes in June for the third month in a row, double the amount sold during the worst of the market downturn in August 2008.
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Notes to editors:
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