House hunters fall to new low
The number of people searching for property to buy in the UK has fallen to a record low, according to latest research.
Figures from the National Association of Estate Agents (NAEA) have revealed that there are currently 192 buyers per agent searching for property now, compared to 314 in July 2007.
"Consumers are feeling anxious and have every right to be with the government's inability to reassure the market, especially over the issue of stamp duty," said NAEA president, Chris Brown.
While uncertainty in the future of stamp duty remains, more and more people are looking to rent flats and houses in London instead of buying.
According to NAEA statistics, each agent offers 94 properties for sale, which is up from 45 this time last year.
In addition the association said that agents are making just six sales a month on average, which is a 50 per cent fall from levels recorded at the height of the property boom last August.
This follows news that the rental market is booming as buyers are unwilling to enter such an uncertain market at the moment.
Published 20th August, 2008
© 2008 Estates IT Limited
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The number of people searching for property to buy in the UK has fallen to a record low, according to latest research.