First-time buyers taking 'wait and see stance'

23-Apr-2008

Buyers and sellers in the property market are willing to enter into transactions, but first-time buyers are adopting a 'wait and see' attitude, experts have said.

The National Association of Estate Agents (NAEA) noted that an increase in the number of houses available gave potential buyers more choice, but the number of sales proves that confidence in the market remains uncertain.

The group has said that the credit crunch, tightening mortgage approvals and the media's presentation of the property market are affecting decisions to buy or sell.

Commenting on the issue, NAEA president Stewart Lilly said: "There are indications that first-time buyers have dropped their market share once again showing a 'wait and see' attitude has been adopted.

"Over the next few months it is imperative that the shackles are released on the mortgage market so consumer confidence can be rebuilt, allowing the market to stabilise."

The NAEA is the UK's professional body for estate agency with 10,000 members in the UK and overseas.

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