14 Jun

Housing market is 'calm in political chaos'

Housing market is 'calm in political chaos'

Estate agents in the UK have had a stable few months despite the significant changes in the political arena, an expert has said.

According to the May Housing Market Report from the National Association of Estate Agents (NAEA), property sales remained the same over the month.

President of the NAEA Michael Jones said: "In a momentous political month, amid uncertainty over house prices it's unsurprising people decided to keep calm and carry on."

It also revealed that the average estate agent sold eight properties in May.

First-time buyers continue to account for a significant proportion of house sales, with 21 per cent of all purchases going to first-time homeowners.

Mr Jones added that the housing market will not feel the effects of the new coalition government for a while.

As part of the Conservative-Liberal Democrat coalition manifesto, the government has promised to raise the stamp duty threshold to £250,000 to help nine out of ten first-time homebuyers enter the property market.

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