Property market 'inching back to recovery'

Posted: 15 Sep 2009 10:15:57 GMT

House movers are returning to the property market, according to the National Association of Estate Agents' (NAEA) president Gary Smith.

The NAEA representative was commenting after the Council Mortgage Lenders (CML) published research showing that lending for house purchase showed material annual growth in July - the first time since early 2007 that this has occurred.

Mr Smith indicated that the CML figures suggest the property market is "inching its way back to recovery".

He added that the NAEA has seen first-time buyers showing interest in the housing industry over the first half of the year, "now the rest of the market is following".

Other buyers think that now is an ideal time to find a property bargain, the president continued.

According to the CML, total gross lending rose to £14.5 billion in July - the second month in a row it has increased. Year-on-year, the figure was down 42 per cent.


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