Market shifts from buyers to sellers

Control of the housing market is shifting from buyers to sellers, but sellers still need to price their properties reasonably, according to estate agents.

The National Association of Estate Agents (NAEA) is reporting an average of 13 sales per agent in its October housing market summary.

After fluctuating during the summer, sales volumes appear to have stabilised at the highest levels seen this year – the previous highest being the 12 sales per agent the NAEA was reporting between February and April.

This has led to a fall in the amount of properties on estate agents' books by 1.6 per cent – from 62 to 61 per agent.

Following on from the 20 per cent fall between August and September, the NAEA says the increase in sales volumes, decrease in properties for sale and stable interested rates mean "sellers can look forward to a move away from the strong buyers' market which has dominated the property scene in recent months".

However, a rise in the average difference between asking price and sale price in October – from 4.1 per cent to 4.3 per cent – shows sellers must continue to be realistic when pricing their property.

"As we expected, the market remained consistent in October," said NAEA president Christopher Hall.

"With buyer numbers and housing stock down by a small margin, it was encouraging to see sales levelling out at nearly the highest point experienced all year. This is definitely a good sign for the future.

"Moving closer to Christmas we expect to see the market quietening down again. Assuming that interest rates remain fixed until the end of the year we are on course for a fairly typical market over the festive period."

October's figures were, however, less encouraging for first-time buyers, with their share of the market falling to nine per cent, having increased to 11 per cent in September.