House sales 'depressingly low'
The property downturn has resulted in the number of homes changing hands halving over the past 12 months, new figures have shown.
Estate Agents sold on average just seven properties each in March, statistics released by the National Association of Estate Agents (NEAE) reveal, compared with 14 during March 2007.
The industry body described that figure as "depressingly low" - especially given the time of year - and said that first-time buyers could expect to be worst hit as lenders pull out of the 100 per cent mortgage market.
Stewart Lilly, president of the NAEA, explained: "The global credit crunch, [the] squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having an effect on individual's decisions to buy or sell."
She continued: "Over the next few months it is imperative that the shackles are released on the mortgage market so consumer confidence can be rebuilt, allowing the market to stabilise."
In the mean time most analysts insist that now is a perilous time to get on the housing ladder and recommend exploring other options such as renting.
Published 28th April, 2008
© 2008 Estates IT Limited
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The property downturn has resulted in the number of homes changing hands halving over the past 12 months, new figures have shown.