NAEA: UK market will 'emerge stronger'

Published 04th Sep 2009

The number of homes for sale went up for the first time in four months during August, raising hopes the sector can recover sooner and more strongly than expected.

The average estate agent had 64 properties on their books during the traditionally slow month, up from 59 in July and the first rise since April, said the National Association of Estate Agents.

The group said the increase was due to previously registered buyers finding properties they were interested in and putting their own homes on the market.

The NAEA had previously warned that any recovery could be held back by a shortage of homes for sale. Some economists warned that the surge of homes onto the market could counteract recent price rises in the sector.

FTB increase

Data also showed that the number of house-hunters registering with estate agents in August dropped to 238, down from 292 in July.

There was also a dip in the average number of sales made per branch - an average of 7.6 in August, down from 8.6 in July.

The number of first-time buyers who were actively looking in the market also rose during August, with this group accounting for 36% of all agreed sales, up from 22% in July.

Gary Smith, president of the NAEA, said: "August always sees a dip in activity, regardless of the wider economic picture, and we believe that indications are that the UK housing market could emerge stronger and more quickly than previously considered possible."

Source: ' TMC '

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