September - quiet month for estate agents

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by Kay Murchie

According to data from the National Association of Estate Agents (NAEA), September was a quiet month for the UK property market as the number of sales agreed and buyers on books were both down for the time of year, whereas stock levels in the property market were up.

After a slight pick up between July and August, NAEA members from across the country reported reduced activity last month.

NAEA figures show the number of sales per agent fell from 12 in August to 11 in September. This level was down from the 14 sales per agent recorded in September 2006.

NAEA commented that the credit squeeze has resulted in lenders tightening their criteria, furthermore uncertainty in the market is making buyers unwilling to commit to a house purchase.

Additional figures from NAEA show the gap between asking prices and sale prices widened, up to 3.9% in September compared with 3.5% in August and 3.1% in September 2006.

The amount of buyers listed with estate agents remained steady. Each estate agent had an average of 326 buyers seeking property in September, this was the same as the level noted in August.

However, both months were below the average of 346 noted in September 2006.

The average number of viewings on a property before a sale rose to 12 in September, up from 11 in the same month 12 months ago.

NAEA president, Stewart Lilly, said the market has, without a doubt, been much quieter than expected approaching the autumn period. However, it is not surprising when you consider the credit squeeze and the launch of Home Information Packs. The NAEA state that there is no need to be overly concerned.

Stewart Lilly concluded that there are certainly no signs of a market crash as is the opinion of many.

Many believe buyers are being more cautious and are waiting to see what happens in the property market before making a purchase.