14 January 2010

NAEA comment on latest CML figures

Following the publication of the latest CML figures, President of the National Association of Estate Agents, Gary Smith comments:

"The figures are encouraging given that mortgage loans have increased by 67% since November 2008 however that was possibly the nadir of the housing market. It is hardly surprising that the percentage of income on mortgages has decreased given the general interest rate cuts.

“The average income multiple has remained the same over that time for both general and first time buyers but that multiple of course is far lower than at the peak in 2007.

“Whilst responsible lending must remain key it should not be used as an excuse to constrain the market especially the first time buyer segment already adversely affected by the recent end of the Stamp Duty holiday.”

Editor Notes

Editor Notes:

About the NAEA

The National Association of Estate Agents (NAEA) is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas.

These include residential and commercial sales and lettings, property management, business transfer, auctioneering and land. The NAEA is a sister organisation to the Association of Residential Letting Agents (ARLA).

The NAEA is dedicated to the goal of professionalism within all aspects of property, estate agency and land. Its aim is to reassure the general public that by appointing an NAEA member to represent them they will receive in return the highest level of integrity and service in both sales and lettings, for all property matters.

Both NAEA and ARLA members are bound by a vigorously enforced Code of Practice and adhere to professional Rules of Conduct.

Failure to do so can result in heavy financial penalties and possible expulsion from the Associations. For further information contact:

NAEA PRESS OFFICE

Tel: 020 3128 8181

E-mail: press@nfoppmedia.com