Property market 'remains stable'

Tue 27 May 2008 - Published in Mortgages

There is stability in the property market, but consumers are still wary over the sector, a new report claims.

Recent research from the National Association of Estate Agents (NAEA) found that there is currently stability in the number of sales being agreed, as well as in the number of viewings before a sale is confirmed and the average difference between asking prices and sale prices.

President of the NAEA Chris Brown said: "Properties supply is good but buyers are being cautious. It is apparent from the survey results that some people are adopting a wait and see attitude."

Mr Brown added that consumers will now be feeling the effects of the credit crunch, with tighter lending criteria making it more difficult to obtain finance for a new house.

Earlier this month the NAEA noted there are still a number of regional differences across the country's property market as a whole.

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