Further Housing Market Contraction During October

 

The National Association of Estate Agents (NAEA) reports that the housing market contracted in October as the number of sellers and buyers saw a month-on-month decline.

While sales levels were the same as in September, with the average branch selling seven properties in the month, activity levels declined.

President of the NAEA, Michael Jones, stated that there was the double effect of sellers unwilling to accept falling house prices and buyers suffering from restrictive lending criteria.

The average number of house hunters registered with each branch dropped to 218 in October compared with 247 in September, while the number of houses available for sale dropped from an average of 72 per branch in September to 67 in October.

The percentage of sales made to first-time buyers increased in October from 20% to 23%, the NAEA claimed. Jones added: “Mortgage restrictions will need to be eased if we are to see any real increases across the market, moving into the early part of 2011.”

 

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