NAEA defends housing outlook
An upbeat assessment of the UK mortgage and housing market has been issued by the National Association of Estate Agents (NAEA).
However, while the body said that the fundamentals of the sector remain strong, it also admitted that consumer confidence in property remains "uncertain".
The ongoing credit crunch has seen mortgages, including mortgages for professionals, becoming harder to come by - with overall shrinkage of the number of deals on offer nationally put at 60 per cent by financial website Moneyfacts.co.uk.
Stewart Lilly, NAEA president, said: "The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell."
However, according to the association, buyer demand for homes remains strong in the UK.
"There is a constant need to remind people that the underlying factors that hold-up the property market - low unemployment, historically low interest rates and a pent-up demand for houses - still exist," Mr Lilly added.
"In fact, a number of NAEA agents from across the UK are still reporting stable property markets with many of their branches making steady sales."
However, while the body said that the fundamentals of the sector remain strong, it also admitted that consumer confidence in property remains "uncertain".
The ongoing credit crunch has seen mortgages, including mortgages for professionals, becoming harder to come by - with overall shrinkage of the number of deals on offer nationally put at 60 per cent by financial website Moneyfacts.co.uk.
Stewart Lilly, NAEA president, said: "The global credit crunch, squeeze on mortgage approvals and the media cloud that currently surrounds the property market are undoubtedly having effect on individual's decisions to buy or sell."
However, according to the association, buyer demand for homes remains strong in the UK.
"There is a constant need to remind people that the underlying factors that hold-up the property market - low unemployment, historically low interest rates and a pent-up demand for houses - still exist," Mr Lilly added.
"In fact, a number of NAEA agents from across the UK are still reporting stable property markets with many of their branches making steady sales."
