2 May

NAEA urges calm over house price data

NAEA urges calm over house price data

Commenting on the latest house price data from Halifax, the National Association of Estate Agents (NAEA) has urged people not to panic over the housing market.

It notes that a number of underlying supporting factors remain, including low unemployment, low interest rates and continued demand for housing.

The organisation also points out that although Halifax recorded a fall in prices of 1.3 per cent in April and predicted further drops, it also said that the picture is regional, with Scotland expected to see price rises this year.

"Rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous ten years," the NAEA concluded in a statement.

Halifax puts the standardised average UK house price at £189,027, 0.9 per cent lower than at this time last year.

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