NAEA calls for house price calm

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NAEA calls for house price calm

The National Association of Estate Agents (NAEA) has said that the latest house price data from Halifax does not necessarily indicate an imminent house price crash.

Halifax recorded a fall in prices of 1.3 per cent in April and predicted further drops, but the NAEA has pointed out that a number of underlying supporting factors remain, including low unemployment, low interest rates and continued demand for housing.

It also noted that the bank had suggested that there are likely to be significant regional variations in house price trends, with Scotland expected to see modest increases this year.

In a statement, the NAEA said: "Rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous ten years."

According to Halifax's index, the standardised average house price in the UK now stands at £189,027 - 0.9 per cent lower than at this time last year.
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