Thursday, March 24, 2011
The UK housing market in February saw a jump in the number of
people putting their house up for sale, according to estate
agents.
The National Association of Estate Agent's (NAEA) market report
for February shows a year-on-year rise of 25 per cent in the level
of available housing stock
The number of house hunters registering with an agent across the
country also rose to 268 reported in February compared with 252 in
January per branch - the highest level for seven months.
Sales increased across the property market in February, growing
from an average of 6 to 8 per branch month on month, despite
continuing consumer concern regarding interest rate rises.
The percentage of sales made to first time buyers also increased
slightly from 24 per cent in January to 25 per cent in
February.
NAEA President Michael Jones said: "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, for the short term at least.
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, especially at a First Time Buyer level, and the effect
of the public sector cuts has yet to be fully felt. With limited
mortgage availability and the concern about a likely rise in
interest rates still putting off many of the people who otherwise
would be looking to buy, it is important that the government does
everything it can to encourage growth at this crucial stage of the
recovery process.