Housing market 'continues to be stable'

13-May-2008

The property market continues to be stable despite the implications of the credit crunch, according to the National Association of Estate Agents (NAEA).

House price falls which are taking place are "modest" and the outlook is still inconsistent, given that some areas of the UK are struggling more than others, the group has said.

A spokesperson for the NAEA comments: "There is no denying that the credit crunch has affected confidence in the market - especially first-time buyers who are finding it hard to find financing to get on the ladder.

"But it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses."

The group noted that rather than a drastic fall that some "doom and gloom merchants" are predicting, there is likely to be a return to a more steady mortgage market, which will be welcome news for first-time buyers.

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