Estate agents report 18-month high for property sales

Published 19th May 2009

Estate agents sold more houses in April than in any month since October 2007, in a further sign that the property market is stabilising.

The figures, from the National Association of Estate Agents (NAEA), follow an upbeat assessment from the Council of Mortgage Lenders which said last week that 31,000 home loans were granted in March – a 29 per cent increase on February but still 33 per cent down compared with March 2008.

The average estate agent sold ten properties in April, up from eight in March and a low point of five in August 2008.

Peter Bolton King, chief executive of the NAEA said: “Six months ago people were talking about how British people's attitude to owning property had changed in the recession.

"The NAEA always said that this was nonsense, and that demand for property remained strong, but confidence in the market had gone. These figures show that this confidence is returning.”

However, many property owners remain reluctant to sell as they cannot get the price they want. About 1.5m are considering letting to avoid making a loss if they sell up in the current climate, according to the personal finance website Unbiased.co.uk.

Its research also reveals that younger homeowners are the most likely to become “reluctant landlords,” with a quarter of cash strapped 18-34 year old homeowners considering renting out their home or taking in a lodger.

Richard Winder, spokesperson for the Unbiased said: "The boom years created a wave of have-a-go landlords attracted by the promise of rising property prices and cheap buy to let finance. Now we're seeing a new wave who may end up reluctant landlords because they need more money and don't want to sell up in the current market.”

Source: ' Times '

View All Latest News