Homes 'lingering' on market
property for sale in London and elsewhere is lingering on the market as buyers exercise heightened caution, new figures suggest.
The National Association of Estate Agents (NAEA) has revealed a sharp increase in the number of properties remaining unsold, with the average agent now having 97 dwellings on their books.
That compares with 84 in April and just 76 in March, suggesting clear reluctance among prospective homeowners to take the plunge.
Though some pundits have suggested this creates a 'buyers market', the majority argue that volatility in the sector underscores the stagnant sales figures - with house prices expected to continue falling.
"The figures reported by agents … highlights that as there are more choices available with the number of houses rising, this potentially gives the buyer more options," began NAEA president, Chris Brown.
But he went on to call on the government to "ease pressure" by abolishing stamp duty for first-time buyers - tacitly acknowledging that the market remains too perilous for many.
first-time buyers accounted for 10.6 per cent of home purchases in May, according to NEAE figures, up from 7.7 per cent in April.
Published 19th June, 2008
© 2008 Estates IT Limited
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