NAEA: market should remain upbeat

08-Apr-2008

The National Association of Estate Agents (NAEA) has urged the property market to remain upbeat despite differences in house prices across the country, which may be of note to first-time buyers.

According to the group, regional discrepancies are no major surprise as it has been made aware by its members that house prices are being affected differently throughout the UK.

The NAEA advises that this should be kept in perspective as the report illustrates that, while prices have dropped by five per cent in the west-midlands, they have increased by 150 per cent over the last ten years.

A spokesperson for the NAEA commented: "These figures are also set against the credit crunch, which has undoubtedly affected confidence in the market. However, the key factors that underpin the housing market still exist – low unemployment and a pent-up demand for houses."

He added that it is "not all doom and gloom" and that the mortgage market is still "broadly stable" in several regions.

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