27 May

NAEA: Housing market stable but buyer confidence weak

NAEA: Housing market stable but buyer confidence weak

The April report from the National Association of Estate Agents (NAEA) suggests that the housing market is stable, but consumer confidence remains shaken.

According to its figures, the average number of viewings before a sale is secured remained stable at 14, while the average difference between asking and sales price also held at 4.7 per cent from the previous month.

In terms of the typical number of buyers on agents' books, the figure dropped slightly in April to 237 from 249 the previous month.

Meanwhile, the average number of properties for sale with each agent increased to 84, from 76 in March.

As first-time buyers continue to be squeezed by tightened lending conditions, the organisation's members reported that the percentage of property-ladder novices among their customers dropped from 8.3 per cent in March to 7.7 per cent last month.

Chris Brown, president of the NAEA, said: "It is apparent from the survey results that some people are adopting a 'wait and see attitude', watching the market, before making any decisions."

Earlier this month that NAEA reported that in contrast to predicted trends for the rest of the UK, Scotland is likely to see a modest house price rise this year.

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