NAEA upbeat on housing sector’s prospects
The National Association of Estate Agents (NAEA) said yesterday that it detects signs of recovery in the UK property market.
In good news for homeowners looking to remortgage, the industry body said that recent house price analysis was "encouraging" - and that the improvement in the outlook for the sector has been "dramatic".
NAEA made the remarks in the wake of new pricing data from Britain's fourth-biggest lender, Nationwide.
It found that the average property price had declined by 0.9 per cent across June - well down on the previous month's 2.5 per cent drop.
Chris Brown, president of the NAEA, said: "It is encouraging to see that the slowdown in house prices that Nationwide has reported for June has fallen to 0.9 per cent, which is a dramatic decline from the figures reported by the company last month.
"Indeed, we know from our members that the market in some regions in the UK has been subdued as consumers' confidence has taken a knock with the continuing external pressures, particularly the global credit crunch."
He added: "However, the market appears to be stabilising which should help begin to restore confidence in the market place."
In good news for homeowners looking to remortgage, the industry body said that recent house price analysis was "encouraging" - and that the improvement in the outlook for the sector has been "dramatic".
NAEA made the remarks in the wake of new pricing data from Britain's fourth-biggest lender, Nationwide.
It found that the average property price had declined by 0.9 per cent across June - well down on the previous month's 2.5 per cent drop.
Chris Brown, president of the NAEA, said: "It is encouraging to see that the slowdown in house prices that Nationwide has reported for June has fallen to 0.9 per cent, which is a dramatic decline from the figures reported by the company last month.
"Indeed, we know from our members that the market in some regions in the UK has been subdued as consumers' confidence has taken a knock with the continuing external pressures, particularly the global credit crunch."
He added: "However, the market appears to be stabilising which should help begin to restore confidence in the market place."
