Housing market is stable but consumers still cautious

Posted: 27 May 2008 11:15:00 GMT

Although the credit crunch has left some first-time buyers struggling to get on the housing ladder, the market is still stable, according to industry experts.

Although the credit crunch has left some first-time buyers struggling to get on the housing ladder, the market is still stable, according to industry experts.

A report published today (Tuesday, May 27 th) by the National Association of Estate Agents (NAEA) showed that sales, viewings and the difference between asking and sales price have remained consistent.

The statistics which compare figures from April 2007 to the same month in 2008 do, however, show a decline in the number of buyers on agents' books.

Chris Brown, president of the NAEA, commented: "The figures from the April report suggest that the market is stable, however, consumer confidence is still dented. Properties supply is good but buyers are being cautious."

Mr Brown has suggested that some homeowners and first-time buyers are watching the market carefully and are "adopting a wait and see attitude".

Despite buyer's caution, Mr Brown commented that high employment and low interest rates should reassure people.

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