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Buyers have 'upper hand in housing market'

By Jonathan Dawes, Tue 8 Jul 2008 - Published in Mortgages

Despite experts claiming 100 per cent loans are virtually impossible to come by, now is a good time to buy a house, according to the National Association of Estate Agents (NAEA).

President of the NAEA Chris Brown said with record numbers of houses up for sale, it is a buyers market.

He pointed out sellers can no longer hold out for high offers because they cannot always assume another potential buyer is around the corner.

Mr Brown stated: "People's expectations are now coming into line with reality... I certainly think … [buyers] have got a lot of pulling power and a lot of influence on the market."

A report from Rightmove has revealed there are approximately one million houses on the market at the moment, with low spring sales leaving estate agents with a record average of 75 properties per office.

It has also shown the ratio of houses to buyers has doubled over the past 12 months and now stands at 15 to one.