6
Nov
NAEA: Demand for houses exceeding supply
There are five house hunters for every registered property,
according to a survey by the National Association of Estate Agents
(NAEA).
The organisation claims that this is pushing property values
higher, with the gap between asking and selling prices falling by
almost two per cent in October compared to the previous
month.
However, the increase in demand did not equate to a rise in the
number of house sales, the research found.
Gary Smith, president of the NAEA, commented: "There is a strong
demand for property and more optimism in the housing market than we
have seen for months. This is good news for the recovery of the
market."
The association is calling on the government to extend the holiday
on stamp duty for properties valued at less than £175,000,
claiming that current policy which will see the stamp duty
threshold return to £125,000 in the new year is "short
sighted".
NAEA's research found that 22 per cent of house purchases in
October were made by first-time buyers, more than double the amount
made in the same month last year.
