Confidence falls among estate agents

Thursday, 08, May 2008 08:54

Confidence in the future among estate agents fell during April, amid turmoil in the UK property market, according to research from PropertyFinder.com.

Just 42 per cent of estate agents were more confident in the future last month than they were in March.

This is down from 51 percent the previous month.

"The April agents' confidence index shows confidence is still falling. What we are seeing is agents reacting to the negativity surrounding the property market currently," said Nicholas Leeming, director of PropertyFinder.

"This is largely perpetuated by reports in the media and the difficulties that would-be buyers are having in securing mortgages.

"However, we hope to see improvements over the summer months as the Bank of England's initiatives help to improve the availability of mortgages.

The findings are released following news earlier this week up to 150 estate agents are closing each week.

Responding to the findings of the PropertyFinder research, estate agent Lawson Rutter said: "Over the next three financial quarters expect further decline despite recent efforts to address stability.

"The reality is most of the information spread through the media is based on out of date data and the expectation is that a recovery is likely in the next 18 months (some say two years).

Between now and September expect further misery and sensational reports of price crashes, however I predict savvy investors (who at this minute are planning ways of raising capital to buy property) will come into the market for an Autumn spending spree."

Chris O'Toole