24 Apr

'Keen market' despite obvious problems

'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.ADNFCR-1222-ID-18566383-ADNFCR

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