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26/06/08 - Good News For The Property Market

NAEA Members report a stable market but continue to urge the government to ease the pressure.

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. A significant improvement is the percentage increase in first time buyer sales. This is great news as it suggests a lift in confidence in one of the most crucial groups and shows prices have fallen far enough to enable them to climb on the ladder. The figures reported by agents also highlights that as there are more choices available with the number of houses rising, this potentially gives the buyer more options.

“To maintain more stability or better yet, to restore more confidence, the NAEA continue to urge the government to help the market. 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. We really want to see action from the government to ease pressure and give consumers hope for the future.”

26 June 2008

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