News - October 2008

SOME POSITIVE NEWS FROM THE NATIONAL ASSOCIATION OF ESTATE AGENTS

23/10/2008

23rd October 2008

INCREASING NUMBER OF FIRST TIME BUYERS IS A REAL POSITIVE FROM THE NAEA SURVEY

Members of the National Association of Estate Agents (NAEA) reported that the housing market in September still provided challenging times for its members but that the re-emergence of first time buyers may be the first sign that the recent Government intervention is beginning to work.

The research also showed that the number of sales per agent rose for the first time since January from an average of five sales in August to six in September.

Chris Brown, president of the NAEA, comments: “It is clear that certain factors are in motion within the property market, with a decision being made on stamp duty last month, but this is still not enough. As property prices continue to drop the Government needs to take action and make some drastic changes to restore confidence.

“It is evident from the results that despite some positive indicators, consumers are still cautious with many continuing to adopt a wait and see attitude and are only moving if it is necessary. Those who are not desperate to move are staying put in their homes and waiting for some stability to be restored across all sections of the market.

“First time buyers however, seem to be returning. This is most likely due to the Government’s decision on stamp duty last month. Whilst the announcement is not applicable to all regions across the UK, it might have had an affect on this market group. For those first time buyers who have the correct finances in place, now is the perfect time to buy a home. However, the NAEA continue to urge the Government to review the market holistically and offer this group a stamp duty holiday.“

About the NAEA
The National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), is the UK’s leading professional body for estate agency personnel, representing the interests of around 10,500 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 National Association of Estate Agents 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. Each NAEA member is bound by a vigorously enforced Code of Practice and adheres to professional Rules of Conduct. Failure to do so can result in heavy financial penalties and possible expulsion from the Association.