Housing market picks up after summer slump

Posted: 18 Sep 2007 10:22:13 GMT

The UK housing market is once again picking up pace despite a summer slump in July.

The UK housing market is once again picking up pace despite a summer slump in July.

New figures which have been release by the National Association of Estate Agents (NAEA) show that the lull during the start of the summer started to decrease in August when the market began to pick up pace.

The results are typical for the time of year, although experts have claimed that the current economic climate is still having an effect - with the number of registered buyers still down on last year.

According to the NAEA report, the number of people looking to buy in August rose by 3.8 per cent, as did the number of houses up for sale.

NAEA president, Stewart Lilly, said: "The housing market needs a period of sustained stability to allow people to take stock of the current situation and think carefully about their own personal options.

"The latest figures indicate that a period of low house price inflation may well be on its way.

"However, the recent introduction of the second phase of Home Information Packs is likely to cause more disruption and in particular prompt a 'wait and see' strategy from individuals who are unsure about the full impact of the legislation."

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