1 Aug

NAEA urges people to think regionally

NAEA urges people to think regionally

The National Association of Estate Agents (NAEA) has urged people to look at the housing market in a regional, rather than national context.

Commenting on the recent Nationwide house price data that showed property values dipped by 1.7 per cent in July, the organisation's chief executive Peter Bolton King argued that it would have been "impossible" for the housing market to sustain the soaring prices of the last decade.

However, he noted the average house price is still £11,000 higher than three years ago and that there are significant variations in the property markets in different areas of the UK.

"The picture is mixed across the country and some areas will be more affected than others, so people really need to look to their local markets to get a true picture," Mr Bolton King said.

Nationwide's chief economist Fionnuala Earley also noted that the mortgage has shown an improvement, with a number of lenders lowering their fixed-rates.

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