UK Money News
15th April 2008
NAEA claims housing market fundamentals strong
The chief executive of the National Association of Estate Agents (NAEA), which has around 10,000 members, has reaffirmed that "key factors" underpinning the housing market remain strong.
Peter Bolton King declared that "low unemployment, historically low interest rates and a pent-up demand for houses" provided a solid foundation for the property market during the current financial crisis.
He said: "The market is battling with the credit crunch, which has undoubtedly had an effect on confidence.
"No one is denying that the housing market is in a tricky situation but it is important to keep it in perspective."
Mr Bolton King also insisted that a recent survey showing the housing market to be suffering its most widespread downturn since 1978 offered signs for hope.
The Rics poll found that the net balance of surveyors reporting a fall in house prices during March slumped to -78.5, the worst figure since the survey began.
However, Mr Bolton King emphasised that this picture varied in different regions, with some areas recording price rises.
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