Insurance News Archive
NAEA: Property market is strengthening
The property market is continuing to strengthen, according to latest figures from the National Association of Estate Agents (NAEA).
The NAEA's latest property market survey reveals that the number of sales agreed saw a substantial rise last month.
Sales rose by 30 per cent in February and the gap between asking price and selling price fell to 3.5 per cent.
It is thought that stable interest rates and high employment rates have led to increased confidence among buyers.
Nevertheless, the report also shows that the number of first-time buyers coming onto the market has fallen.
This has led to the NAEA to call on the chancellor, Gordon Brown, to address the issue in his Budget speech later today.
Christopher Hall, the NAEA president, comments that the NAEA and its members are hoping that any reforms announced in the speech will increase the number of first-time buyers purchasing property.
He went on to say that an eradication of stamp duty would "help enormously", while an increase in the entry level from £120,000 to £150,000 may also help.
© Adfero Ltd
22 Mar 2006