Signs of improvement in UK real estate market?
December 19, 2008 by OPPE News
photo credit: benleto
The UK housing market is showing subtle signs of improvement despite continuing falls in house prices, an estate agent’s association has said.
The National Association of Estate Agents (NAEA) said prices “plummeted” across the UK in November, but revealed the percentage of first time buyers in the market increased for the third month in a row.
According to the NAEA, the average price of a flat fell from £118,334 to £114,288 from October to November, while a terraced house reduced from £151,305 to £149,589.
Around 10.4 per cent of buyers are first-timers, the group’s survey also revealed.
Chris Brown, president of the NAEA, said:
“November, and indeed December, is always a quiet time for the housing market because people are reluctant to move home over the festive period.
“Bearing that in mind, and after what has been the most difficult year for the market in a very long time, these figures are definitely not as bad as expected.”
He added the first-time buyer figures offered a “glimmer of positive news” for the arrival of 2009.
Demand for property is still there, said Mr Brown, and “political will, professional integrity and financial commitments” would be needed next year to get the market going again.
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