Number of house hunters at '5 to 1 for every property on the market'

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Number of house hunters at '5 to 1 for every property on the market'

Fri 6th Nov 2009

The number of people looking to get on the property ladder is outstripping demand, the National Association of Estate Agents (NAEA) has found.

Estate agents had an average of 287 prospective buyers on their books in October, a slight downturn on the 294 average of for the previous month.

The average number of properties available also fell to 57, down from 62 in September.

However, the gap between the asking price and the selling price has dropped from 10.9 per cent in September to 8.8 per cent the following month.

Gary Smith, president of the NAEA, said a good way to stimulate the market would be for the government to extend the stamp duty holiday, which is due to end in December.

"The danger is that this short-sighted policy could precipitate an unwelcome pause in the housing market at the start of the New Year," he said.

The NAEA recently formed the 1808 Coalition with the Association of Residential Letting Agents. Named after the year stamp duty was introduced, its aim is to reform what it calls a "tax on aspiration".

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