NAEA: Property market is recovering

Posted: 06 Oct 2009 11:45:47 GMT

Nationwide Building Society's latest property price data shows that the housing market is recovering, according to the National Association of Estate Agents (NAEA).

In a statement reflecting on the news that house prices rose by 0.9 per cent in September and have now increased for five months in a row, NAEA chief executive Peter Bolton King said that the statistics "should be welcomed".

However, the estate agent representative cautioned that "recovery is a fragile process and not guaranteed", even though the figures back up what NAEA members have been reporting in recent months.

Mr Bolton King also suggested that house hunters need increased access to mortgages from the major UK lenders, while the government's "flawed" policies on stamp duty should be reexamined.

If these measures are not taken, the recent positive signs could only be short-lived, he added.

Nationwide said that the average price of a home in the UK was £161,816 in September - the same level it was one year before.


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