Buyers 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 (NAEA).
The latest monthly market report from the NAEA showed only minor decreases across supply and demand during the month of May, when 275 people registered with an average estate agents office, compared to 277 in April.
The average number of sales agreed per estate agency office stayed at eight for the fourth month in a row. But 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 office 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 theUK
President of the NAEA, Wendy Evans-Scott said: "Demand for property remains consistent but the barriers to buying are proving impossible to overcome for the vast majority of consumers.
Mark Green, Chairman of the UK’s first not-for-profit online estate agents, imove Cornwall says "The banks must find a balance between the easy ‘give-money-to-anyone’ lending of the past ten years and the strictness of the current mortgage lending rules; the governments attempt to force banks to lend has clearly failed and many buyers are still facing strict criteria which prevents them from obtaining a mortgage”
The latest monthly market report from the NAEA showed only minor decreases across supply and demand during the month of May, when 275 people registered with an average estate agents office, compared to 277 in April.
The average number of sales agreed per estate agency office stayed at eight for the fourth month in a row. But 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 office 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
President of the NAEA, Wendy Evans-Scott said: "Demand for property remains consistent but the barriers to buying are proving impossible to overcome for the vast majority of consumers.
Mark Green, Chairman of the UK’s first not-for-profit online estate agents, imove Cornwall says "The banks must find a balance between the easy ‘give-money-to-anyone’ lending of the past ten years and the strictness of the current mortgage lending rules; the governments attempt to force banks to lend has clearly failed and many buyers are still facing strict criteria which prevents them from obtaining a mortgage”
So is there a solution? “Well assuming the coalition will steer clear of introducing legislation to ‘force’ the mortgage lenders to actually lend there is no real solution, says Green. “I think we will have to sit it out and wait for them to begin lending in their own time”
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