Friday, April 24, 2009

NAEA “nothing has been done that will radically change the direction in which the market is headed”

"Botched Budget" may slow buyer interest, says NAEA

The National Association of Estate Agents says chancellor Alistair Darling’s “botched Budget” has failed to capitalise on a boost in buyer interest. The latest NAEA market report shows that the number of prospective buyers registering with estate agents grew by more than 12% between February and March. Applicant numbers went from 240 per agent in February to 268 in March.

Posted by jack c @ 11:30 AM (1354 views)
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6 thoughts on “NAEA “nothing has been done that will radically change the direction in which the market is headed”

  • But that was the aim – not to try to slow down the inevitable decline in the housing market. I wish housing VIs would stop pretending that their interests align perfectly with wider social interests – they don’t.

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  • I’d like to know who qualifies as a FTB. Is it simply someone who doesn’t have a place to sell? I would be very surprised if any selling agent sits a potential buyer down and quizzes them about whether they have ever owned a property. My belief is that a lot of the current activity in the housing market is down to sold -to -renters who fear for the value and security of their cash in the bank. If this is right, then this activity is a reaction against government policy rather than a result of it. Perhaps the housing VI’s should be lobbying for more QE, even lower interest rates, and maybe that brainwave from the Harvard professor that was posted here a few days ago to make every tenth bank note worthless.

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  • Mortgage lenders will generally classify anyone who has not held a mortgage in the last 12 months as a FTB.

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  • Banks and Building Societies have had eye-watering bailout packages. If, instead of stonewalling and building up their reserves, they actually lent the money that has been given to them then we would see some movement. With the cost of moving still so high and a need to find 20%-40% deposit minimum its no wonder that the 1st time buyer market is stagnant. The housing industry, from those trying to sell to those trying to lend, should stop blaming everyone else and look to themselves. Nobody in that industry has made any concessions of their own!

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  • @4 chrisjohnt…

    I agree completely. Sellers need to look at themselves as part of the problem and get realistic with their prices. If they all reduced their asking prices by 50 to 60% the market would start moving agin. They are just being selfish and greedy and arrogant and causing untold misery for everyone.

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  • mark wadsworth says:

    Goes to show, you can’t fool all the people all of the time.

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