UK Money News
18th January 2008
Consumers 'Give property market frosty reception'
The number of potential buyers and agreed sales fell over the festive period, the National Association of Estate Agents (NAEA) has announced.
While December is traditionally a time when market demand and supply slows, the NAEA suggested the start to the year was particularly frosty due to the effects of home information packs (Hips) and the credit crunch.
The drop in the number of new-to-the-market properties could be partly attributed to the race to beat the Hips deadline, it also stated.
Affordability was still an issue for first-time buyers although they increased their share of the market by almost three per cent to 13 per cent between November and December.
"For those choosing to enter the market now, there is plenty of opportunity," it concluded.
Earlier this month NEAE chief executive Peter Bolton King said if the government had listened to industry concerns over Hips a lot of confusion and delay could have been avoided.
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