NAEA: Now is a good time for house buyers

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NAEA: Now is a good time for house buyers

Mon 7th Jul 2008

A record number of homes on the market mean sellers can no longer hold out for very high offers, the National Association of Estate Agents (NAEA) said today.

There are now one million properties for sale, according to the latest Rightmove Price Index, as low spring sales push agents' unsold homes to a record 75 per office.

Chris Brown, NAEA president, said there has not been a better time to buy "for a very long time".

He said buyers would be taken more seriously as, for sellers, "there might not be another one round the corner", adding that buyers have a lot of "pulling power" and "influence" on the housing market.

According to Rightmove, new sellers coming to the market in June caused national asking prices to drop by 1.2 per cent (£2,936), the first fall ever measured in the month of June.

The ratio of properties to buyers has doubled year-on-year to 15:1 as the "mortgage famine" hits.

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