2 Jul

NAEA: Government must help property market

NAEA: Government must help property market

The government must continue to offer assistance to the housing market in light of recent figures released by Nationwide, the National Association of Estate Agents (NAEA) has said.

President of the body Chris Brown noted that it is "encouraging" house prices dipped by 0.9 per cent in June, as the fall was bigger the month beforehand.

He added that some of the NAEA's members have reported losses in confidence as the credit crunch continues without abating.

"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," he remarked.

Mr Brown also suggested that further action from the government is needed and this may give people "hope for the future".

However, he said, the market is "stabilising", which might lead to a resurrection of confidence in some cases.

According to Nationwide's data, the average house price in the UK now stands at £172,415.

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