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Housing market shows stability

Housing market shows stability

Category: Mortgages

Updated: 19/05/2010
First Published: 12/05/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
The housing market showed stability in April, as worries that house hunters would postpone their searches until after the World Cup and the general election failed to materialise.

Figures from the National Association of Estate Agents (NAEA) show that the average number of house hunters registered at branches increased from 274 in March to 278 in April.

Demand for property in the UK has remained relatively consistent over the last six months, apart from the seasonal dip that was seen over the festive period.

It is the third month in succession that the number of potential home buyers has risen, with the estate agent body indicating that this trend may be driven by a perception that there are property bargains to be found currently.

"This is particularly reassuring this month, as received wisdom suggested that there may have been a drop in demand for property in April owing to the upcoming general election and the World Cup," said the NAEA.

The number of sellers coming to the market also picked up in April, rising from an average of 60 to 62 at NAEA branches – the highest number in more than half a year.

The actual number of sales made per branch remained at an average of eight in April.

Some moves to improve the condition for first time buyers, particularly around stamp duty, were made in the Budget," the association said.

"It will be interesting to see if this has a noticeable effect in the forthcoming months, or if the constraints caused by the continued tight mortgage lending are simply too much for the majority of first time buyers."

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