Monday, February 28, 2011
TERRIBLE weather
conditions in December exacerbated a housing market already
experiencing a cyclical lull - leading to fewer sales than at any
point since January 2003.
However early signs
are that the first weeks of 2011 have seen a resurgence in demand
and activity.
The latest market
report from the National Association of Estate Agents (NAEA) found
that the average estate agent branch sold four properties in
December 2010. That is the lowest figure per agent since January
2003, when the figure was two properties per branch. In November
2010 the average branch sold seven properties.
Sales traditionally
do drop in December as many people are reluctant to buy or sell
property during the holiday period. This year the slowdown was
exacerbated by the terrible weather conditions that left swathes of
the UK blanketed in snow.
NAEA President Mike
Jones said: "December is always a slow month for agents, but there
is little doubt that these figures are worse than usual. However it
is important not to read too much into it. This lack of sales can
be explained by freak weather conditions, rather than any
underlying problem with the market. We would hope to see a
bounce-back in the next few months. Indeed, the New Year has begun
very strongly and agents have reported a very busy couple of weeks
that we are hopeful will continue."
Other figures in the
monthly market analysis gave cause for cautious optimism. The
supply of properties remained strong at a time when a fall would
have been expected. The average branch had 64 properties on its
books in December, the same as the previous month.
The percentage of
sales made to first time buyers increased - from 19 per cent in
November to 25 per cent in December.
The number of people
registering to look for property fell, from 241 in November to 227
in December.
ENDS
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), as is PropertyLive.co.uk, the UK's only regulated property
portal.
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:
Contacts
NAEA PRESS OFFICE
Tel: 020 3128 8181
E-mail: press@nfoppmedia.com