Mortgage News
"Housing market remains stable"
July 2006 - Wednesday 26th July
The number of buyers on estate agents’ books fell slightly in June, but the housing market remains stable, new survey results from the National Association of Estate Agents (NAEA) revealed.
The number of first-time buyers recorded by agents fell but their share of the market was up from the same period last year.
The survey said first-time buyer share of the market took 12.5% of the sector in May, and an 11.9% share of the market in June. This compares to just 7.8% in June 2005 and 28% five years ago in June 2001. The survey suggested a lack of increase of interest rates had been successful in bringing the foundation level of the housing market back.
The gap between asking price and selling price closed further in June, and is now at just 3.1%. This was down from 4.5% recorded in June 2005. It is a positive sign for the wider housing market, indicating vendors and agents were being realistic with pricing.
Charles Smailes, president of the NAEA, commented: “I am delighted to see such a positive overall national picture for the June housing market. The increase in housing stock seen in May has held steady in June, and I hope to see this increase further in the coming months offering greater choice.
“Despite first time buyer percentages decreasing slightly this month, I am pleased that this is still higher than the levels seen during the same period in 2005.
“However the increase in failed transactions is an unwelcome statistic, our HIPs research revealed, as we had suspected, only a minimal amount (18.3%) of transactions fail due to unfavorable survey revelations. “
Source: Mortgage Solutions
Despite the number of buyers on estate agents books, the numbers fell in june, but the market remains stable, for now.
© 2007 Michael J Alexander
Your home may be repossessed if you do not keep up repayments on your mortgage. Written quotations compliant with the Mortgage Conduct of Business (MCOB).
Housing market finally settles
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