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More buyers as prices fall

Tuesday, 18 September 2007 12:00 AM

The summer lull in the housing market appears to be coming to an end according to figures released today by the National Association of Estate Agents (NAEA).

The organisation reported an average of 326 house hunters per estate agent during August, up from 314 during July, an increase of 3.6 per cent.

Although an autumn upturn in interest is typical for the housing market, the average number of potential homebuyers per agent recorded remains at the lowest level for the month since 2003.

This is principally due to uncertainty in the UK housing market, higher interest rates and the introduction of home information packs (Hips).

"The latest figures indicate a period of low house price inflation may well be on its way," commented NAEA president, Stewart Lilly.

"However, the recent introduction of the second phase of Hips is likely to cause more disruption and in particular prompt a 'wait-and-see' strategy from individuals who are unsure about the full impact of the legislation.

Despite the increase in the number of homebuyers looking for property the average number of sales per estate agent increased, up from ten in July to 12 in August.

Levels are again down from 2006 when an average of 15 sales per agent was recorded.

The number of first-time buyers among purchasers also fell, from 13.4 per cent in July to 7.6 per cent in August.

It now takes an average of 18.2 weeks to sell a property.

"The housing market needs a period of sustained stability to allow people to take stock of the current situation and think carefully about their own personal options," concluded Mr Lilly.

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