NAEA: Regional property market stabilising

Tuesday, 27 May 2008 12:02 AM

While the national picture remains gloomy regional elements of the UK housing market are beginning to stabilise, according to the National Association of Estate Agents (NAEA).

Members of the organisation reported stability in the sales agreed, the number of viewings before a sale is secured and the average difference between asking and sales price.

For example, it took an average of 14 viewing to secure the sale of the average property in April, the same figure as March. In April 2007 it took twelve viewings to secure a sale.

Furthermore, the average difference between asking and sales price remained at 4.7 per cent month-on-month, showing, although there is still a dislocation in this area, sellers may be being more realistic.

"The figures from the April report suggest the market is stable, however, consumer confidence is still dented," said Chris Brown, president of the NAEA.

"Properties supply is good but buyers are being cautious. It is apparent from the survey results that some people are adopting a 'wait and see attitude', watching the market, before making any decisions."

NAEA members report an average of 237 house buyers on estate agents' books in April, compared to 249 in March 2008.

Moreover, the number of properties for sale on agents' books increased this month as NAEA members reported an average of 84 properties were available in April, in comparison to 76 the month before.

An estate agent sells a property on average every seven days.

Chris O'Toole

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• uk property news