6 Nov

NAEA: Demand for houses exceeding supply

NAEA: Demand for houses exceeding supply

There are five house hunters for every registered property, according to a survey by the National Association of Estate Agents (NAEA).

The organisation claims that this is pushing property values higher, with the gap between asking and selling prices falling by almost two per cent in October compared to the previous month.

However, the increase in demand did not equate to a rise in the number of house sales, the research found.

Gary Smith, president of the NAEA, commented: "There is a strong demand for property and more optimism in the housing market than we have seen for months. This is good news for the recovery of the market."

The association is calling on the government to extend the holiday on stamp duty for properties valued at less than £175,000, claiming that current policy which will see the stamp duty threshold return to £125,000 in the new year is "short sighted".

NAEA's research found that 22 per cent of house purchases in October were made by first-time buyers, more than double the amount made in the same month last year.

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