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Sellers return to UK housing market

Thursday, 17 March 2011 3:13 PM

Research suggests that the UK housing market saw a jump in the number of homes for sale last month, which could be encouraging news for both buyers and sellers.

The National Association of Estate Agents (NAEA) has revealed that February brought a year-on-year increase of 25 per cent in the level of available housing stock.

According to its latest market report, the number of house-hunters registering with agents nationwide also rose from the 252 reported in January to 268 – a seven-month high.

Property sales increased in February too, growing from an average of six to eight per branch in the space of a month, despite continued worries over interest rate rises.

Michael Jones, NAEA president, commented: "To see such a significant boost in activity amongst sellers compared with this time last year is encouraging news for the UK property market.

"The signs are that they are being more realistic about the price they can expect to achieve when they put their house on the market. This means that, on the whole, supply can meet demand levels, meaning a more stable market. However, the picture is still very variable across the UK, with agents reporting much higher growth in enquiries and stock availability in some regions than others.

"Undoubtedly, broader economic constraints on spending continue to impact on consumer confidence and the effect of the public sector cuts has yet to be fully felt," he concluded.

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