UK Money News
20th November 2007
Housing market 'could be headed for difficult period'
The housing market could be facing "delicate times", according to the National Association of Estate Agents (NAEA).
Stewart Lilly, NAEA president, said that the slowdown witnessed in the housing market in October was a seasonal normality, but that consumers need something to help with money borrowing confidence.
"We are pleased to see that the Bank of England has suggested it will be lowering interest rates over the coming months, which should go some way to restoring confidence," Mr Lilly said.
The number of those looking for a house on estates agents' books fell by 13.5 per cent in October, compared with the previous month. October 2007's figure saw a fall of almost 22 per cent against the same period for 2006.
According to the NAEA, first-time buyers increased their representation on the housing market, with a rise in the number choosing to compare mortgages and invest in bricks and mortar.
Recent research from the Fair Investment Company showed that the number of first-time buyers making enquiries about a mortgage rose in quarter three 2007 when compared with numbers for the first quarter.
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