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Sharp increase in unsold property

Thursday, 19 June 2008 12:00 AM

New research from the National Association of Estate Agents (NAEA) finds there has been a sharp increase in the number of properties remaining unsold.

Each agent now has an average of 97 properties on their books waiting to be sold, up from 84 in April and just 76 in March.

While the organisation claims this has created a "buyers market" - with more choice for buyers - it reflects the falling number of sales amid the ongoing liquidity crisis.

Furthermore, while agents were selling an average of 13 properties a month during May 2007, this has now fallen to just seven.

However, there was a slight increase in the number of buyers in the market, with agents reporting an average of 247 registered house hunters - up from 237 in April.

"The figures from the May survey indicate a slight confidence boost from consumers in the market with a rise in house hunters," said NAEA president, Chris Brown.

"A significant improvement is the percentage increase in first-time buyer sales.

"This is great news as it suggests a lift in confidence in one of the most crucial groups and shows prices have fallen far enough to enable them to climb on the ladder.

"The figures reported by agents also highlights that as there are more choices available with the number of houses rising, this potentially gives the buyer more options," he added.

First-time buyers account for 10.6 per cent of the market during May, according to NAEA research - an increase of 2.9 per cent on the 7.7 per cent recorded in April.

"To maintain more stability or better yet, to restore more confidence, the NAEA continue to urge the government to help the market," added Mr Brown.

"We have called for measures such as a stamp duty holiday for first time buyers and temporary tax relief on the mortgage interest of people's primary residence.

"We really want to see action from the government to ease pressure and give consumers hope for the future."

Chris O'Toole

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