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House hunters fall to record low

Tuesday, 19 August 2008 12:00 AM

The number of house-hunters in the UK property market has fallen to a record low, according to the latest figures from the National Association of Estate Agents (NAEA).

While there was an average 314 buyers searching for property per agent during July 2007, this has now retreated to just 192.

The level peaked at 326 during September last year.

"Consumers are feeling anxious and have every right to be with the government's inability to reassure the market, especially over the issue of stamp duty," said NAEA president, Chris Brown.

"Decisive action in this area is needed as we are concerned that the anticipation of the suspension of stamp duty may halt the transactions in the housing market even further."

The government has refused to deny rumours circulating the property market which suggest a stamp duty holiday is on the horizon. While uncertainty persists, house hunters are retreating from the market.

As a result, stock is piling up in the sector. According to the NAEA figures, each agent now offers 94 properties for sale, up from 45 this time last year.

Agents are making just six sales a month, a 50 per cent fall from levels recorded at the height of the property boom, in August 2007.

"The figures reported by agents in July show that there is still an indication of stability in the market, however, consumers continue to adopt a 'wait and see' approach in the hope that there will be an improvement in the market," added an optimistic Mr Brown.

First-time buyers accounted for 10.7 per cent of the market in July. This figure, however, has fluctuated dramatically in recent months.

Those taking their first steps onto the ladder accounted for as much as 14.5 per cent of the market in January this year, but the figure fell as low as 7.7 per cent in April.

Chris O'Toole

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