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Property market steadies amidst holiday bonanza

Property market steadies amidst holiday bonanza

Category: Mortgages

Updated: 25/05/2011
First Published: 25/05/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Renewed signs of stability have been noted in the UK housing market as activity held firm in a bank holiday riddled April.

The latest data from the National Association of Estate Agents (NAEA) showed that the average agent sold eight properties per branch last month, the same as in March and February.

That the number of sales has remained steady in a month during which homebuyers have had the added distraction of a string of bank holiday weekends and a Royal Wedding has, in the eyes of the NAEA, only served to highlight the newfound resilience of the housing market.

Indeed, although the number of house hunters registering to look for property took a slight hit, demand remained in-line with year-on-year figures.

On the other side of the market, the number of people choosing to put their properties up for sale increased slightly compared with March, but was significantly higher than April last year.

Disappointingly, however, the number of sales made to first time buyers fell slightly during April, the second month in a row that a decrease has been reported.

President of the NAEA, Michael Jones, said that although regional variations remain, the latest figures indicate that the housing market is showing some overall resilience to economic pressures.

"Despite the expected lull in activity during the Royal Wedding celebrations as people took advantage of the series of bank holidays to go abroad, sales remained stable," he added.

"This continued stability might well be attributed to the Easter break at the start of April, a time when our agents saw increased house hunter activity and the bulk of their sales for the month, which could have cushioned against the drop off towards the tail end."

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