Wed, 06 Jul 11
Buyers in the UK are still failing to overcome the significant barriers to home ownership that the current housing market represents, according to the National Association of Estate Agents.
The latest monthly market report from the organisation showed only slight decreases across supply and demand in May. In May, 275 people registered with a branch, compared to 277 in April. However, this is still well above data from a year-on-year comparison, where a figure of 265 was reported for 2010.
The average number of sales agreed per branch stayed at eight for the fourth month in a row. Nevertheless, the percentage of sales to first time buyers increased from 21% in April to 24% in May. The average number of properties for sale per branch decreased slightly from 69 to 68.
According to the NAEA, the combination of large deposit demands, pressure on household finances and the gloomy economic picture for the UK is causing stagnation in the housing market.
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