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29 August 2007

Market slows due to fewer sellers and fewer sales

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by Kay Mitchell

Market slows due to fewer sellers and fewer sales

Figures from the National Association of Estate Agents (NAEA) discovered that the number of people seeking a property fell by 2.5% between June and July. Annually the fall was even more evident. Increases to the base rate and a wet summer in the UK have resulted in a housing market slowdown.

There was an average of 314 buyers registered with estate agents in July, compared with 387 in July 2006 – a fall of nearly 19%. Likewise, the number of properties for sale has also dropped. The average number of properties estate agents offered for sale fell from 68 in June to just 48 in July.

A spokesperson for the NAEA remarked that these significantly reduced figures are quite worrying. It is clear that the turbulent weather, together with rising interest rates has taken its toll on buyers and sellers. These two aspects have led to a fall in the number of houses sold, with estate agents selling an average of 10 properties in July compared to 13 in June.

The NAEA concluded that over the next 2-3 months, it is expected that the housing market will continue to be slower than normal for the time of year as buyers and sellers gain back some confidence.


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