'Glimmer of hope' for estate agents
News Category: Industry News
Published: 23-Dec-2008
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There is a glimmer of positive news for estate agents across the UK regarding the health of the housing market in 2009, an expert has said.
Chris Brown, president of the NAEA, was commenting on figures released by the group which showed that the number of first-time buyers purchasing property has increased for the third consecutive month.
However, with the NAEA describing a mixed outlook for the housing market next year, Mr Brown added: "The market is still waiting to feel the impact of recent interest rate cuts."
Amid difficult financial conditions and the lack of mortgage finance for many would-be homeowners, estate agents could be turning their attention to setting up letting agencies in response to increased demand for rental accommodation.
Mr Brown noted that if major lenders can commit to making more mortgages available, the housing market could improve in 2009.
The Bank of England cut interest rates to two per cent earlier this month.
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