Thursday, Feb 14, 2008
NAEA report in stark contrast to RICS
Mortgagesolutions: Market gaining momentum
The property market is gaining momentum, according a preview of figures from the National Association of Estate Agents (NAEA) monthly housing market survey. Buyers on books, housing stock and sales all increased in January. The overall number of house buyers went up 11% in January.First time buyers accounted for 14.5% of all sales, a rise of over 3% for the same period last year. Peter Bolton King, chief executive at the NAEA, said: “I am confident that we have just started to see the benefit of first interest rate cut in December and the latest quarter percent decrease in February will further help boost the confidence of all buyers and particularly first time buyers.
Posted by jack c @ 05:24 PM (1117 views) Add Comment
22 Comments
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1. jack c said...
Peter Bolton King, said "The return of buyers and particularly first-time buyers early in 2008 marks a significant change in the fortunes of the market. The latest quarter percent decrease in February will further help boost the confidence of all buyers. “Whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective. "The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what’s happening in their region - they may find the situation is not nearly as dire as some would have us believe.”
2. techieman said...
These are their press releases this year: [http://www.naea.co.uk/about/latest_news.asp]
MARKET GAINS MOMENTUM 14 / Feb / 2008
The UK property market is gaining momentum according a preview of figures from the National Association of Estate Agents (NAEA) monthly housing market survey. Buyers on books, housing stock and sales ...
PERSPECTIVE NEEDED OVER REPOSSESION FIGURES, SAYS NAEA 8 / Feb / 2008
Following the release of the latest repossession figures by the Council of Mortgage Lenders (CML), the National Association of Estate Agents (NAEA) expresses its regret over the reported rise, but ...
Bank provides confidence boost for property market 7 / Feb / 2008
The National Association of Estate Agents (NAEA) has enthusiastically welcomed the move by the Bank of England today to reduce interest rates by a quarter percentage point to 5.25%. Peter Bolton ...
FIRST TIME BUYERS HAVE CAUSE FOR NEW YEAR CHEER 18 / Jan / 2008
Members of the National Association of Estate Agents (NAEA) reported that first time buyers once again improved their market share in December allowing further optimism to stoke this sector that is ...
3. techieman said...
However what the "Mortgage solutions" take misses from the press release is instructive. This is the full release
MARKET GAINS MOMENTUM 14 / Feb / 2008
The UK property market is gaining momentum according a preview of figures from the National Association of Estate Agents (NAEA) monthly housing market survey. Buyers on books, housing stock and sales all increased in January in a reassuring upward trend.
After a seasonally slow December, the market is beginning to pick up again, with the number of house buyers up 11% in January and first time buyers accounting for 14.5% of all sales, a rise of just over 3% for the same period last year. Meanwhile, housing stock increased by 9% and sales were up from 5 per agent in December to 8 in January.
Peter Bolton King, Chief Executive at the NAEA, comments: “The return of buyers and particularly first time buyers early in 2008 marks a significant change in the fortunes of the market. I am confident that we have just started to see the benefit of first interest rate cut in December and the latest quarter percent decrease in February will further help boost the confidence of all buyers and particularly first time buyers.
“Our advice to all buyers is that whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective. The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what’s happening in their region - they may find the situation is not nearly as dire as some would have us believe.”
- Ends -
Although MS does state that supply is up it doesnt say its up by 9%!! And it doesnt mention sales at 5 per agent to 8 per agent. Now i dont know but 8 per agent dont sound much to me!!
4. Tc said...
deluded!
5. This comment has been removed as it was found to be in breach of our Blog Policies.
6. happyrenter said...
'sales per agent' percentages rise if there are fewer agents.....
7. captain sensible said...
I've been keeping an eye on the EA near me and he's had one exchange of contracts in the last three months, and that's in the 'prosperous' SE.
8. mark said...
hmmm momentum downwards I think....
9. Davros said...
Pure fantasy. The trend is down and there's nothing out there to change it.
10. Mrbenn said...
la la I'm not listening la la
11. wiltshire said...
"I triple guarantee you, there are no American soldiers in Baghdad."
12. Jimmyb said...
We all know this market is going to be death by a thousand cuts, he's only kidding the guilable.
13. Letthemfall said...
Mortgage Solutions - I ask you: what a ludicrous bit of manager-speak for a business name. The only solution that has any meaning in their case is the one that should be delivered to them from a great height. All these absurd attempts at optimism... it's another world in VI land.
14. bystander said...
spoke to a couple of EA's today - sounding out possible 'offer' territory- some were wide awake and very aware of the current situation, others, unfortunately, are still operating under the misconception that nothing has changed, "prices only go up" and "this really is bargain basement - vendors won't take a penny less", talk about flogging a dead horse.
15. Crazyamj said...
i don't believe anything these (National Association of Estate Agents (NAEA)) guys say anymore..
16. growler said...
Some NAEA members are professionals who are realistic and can stand by their opinions - but others are not and would consider selling used cars if things go bad in EA land. There are still no formal qualifications required to join NAEA so you can't say these are "qualified opinions".
17. Peter Kiddle said...
This is pure wishful thinking by the estate agents who have a vested interest in sinking their heads in the sand. Property prices are falling fast in all regions according to independent sources.
18. Simplysam said...
If government heads can lie, get away with and sleep well, I have no doubt most EAs do it with their eyes closed...they have been paid to be like this and that is what makes sense to them.
And they say it with a smile.
Look.. if you buy a house from your company, the price is irrelevant. This transaction helps to increase prices to keep rif-raf out and provides spinoffs. Also there seems to be a lot of illegal money floating about that the best way to wash it is to put it through property market for a while.
19. Srmckinlay said...
If you read the EA comments at the bottom of the home.co.uk report issued earlier in the week you'll see that a comment 'whinge' is that the media are talking the market down and being too negative. So this is just NAEA trying to redress the balance. IMO they may as well be pi55ing into a hurricane..
20. Herb said...
Techieman has it right, before drawing any conclusions from this press release you really need to understand a little more of the context. For instance, in January the NAEA reported a 'tumble' in the number of buyers on books for December 2007 but do not give figures. So, the 11% rise is near meaningless if we do not know what it fell by the previous month. Also, if you look at their older press releases you'll see January 2007 also saw a pick up in numbers. It's obvious really that people will delay starting a search in December because of the fewer business days and so January will see a rise. It is interesting that in this same press release (Feb 14 2007) they actually give numbers of registered buyers but a year on in this current release only report % increases month on month rather than allow you to see a year on year comparison in the number of buyers.
21. new user 2007 said...
"Buyers on books, housing stock and sales all increased in January. The overall number of house buyers went up 11% in January."
Compared with when? The Xmas season?
"First time buyers accounted for 14.5% of all sales, a rise of over 3% for the same period last year."
Only because the cake is smaller so other groups as a proportion have also fallen back?
Peter Bolton King, chief executive at the NAEA, said: “I am confident that we have just started to see the benefit of first interest rate cut in December and the latest quarter percent decrease in February will further help boost the confidence of all buyers and particularly first time buyers.
There has been no improvemnt in rates available, while deposit requirements are higher and income multiples are lower. Prices have not even moved down yet, so what part of affordability has improved?
The good thing is that only the gullible would believe and agent to tell the truth. The bad thing is that there are plenty of idiots out there (how else did we reach here in the first place).
22. new user 2007 said...
p.s. moved down in many areas and by enough to say housing is again affordable, given FTBs have been overstretching at prices reached in 2006. VIs were willing to give them that chain but are not willing to now.