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Demand from house hunters reaches four-year high

Friday, 28 October 2011 1:33 PM

Demand for property increased for the second month in a row in September to reach the highest level for four years, according to the National Association of Estate Agents (NAEA).

Agents saw an average of 308 house hunters per branch registering to look at property, up from 304 in August and the highest level seen since September 2007 (326) when the credit crunch was about to hit.

The number of homes available for sale also increased from 65 to 72 per branch but the number of actual sales remained the same at eight per branch. The NAEA says this suggests many owners believe their property will sell in the current market if it is priced realistically.

The proportion of sales to first-time buyers increased from 20 per cent in August in 22 per cent although there were regional variations.

Wendy Evans-Scott, NAEA president, said: "It is encouraging to see that the number of enquiries is increasing, but sellers need to be very realistic when pricing their property in order to secure a sale in what is still a very cautious market.

"The number of First Time Buyers on the market has increased slightly over the course of the month, however our agents are reporting widespread regional variation. Lending still remains a real barrier to homeownership for this part of the market."

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