Property professionals think more needs to be done to boost market

The majority of property professionals think that more needs to be done to boost the stagnating UK property market, according to the National Association of Estate Agents (NAEA).

A new survey by the association has revealed that 54 per cent of estate agents do not have confidence in current government policies and think that more must be done - including suspending stamp duty.

Commenting on the findings, Chris Brown, president of the NAEA, said that sellers were beginning to realise that their houses were not worth as much now as they were 12 months ago.

"The silver lining is that the market is now more transparent for buyers," he said.

"Prices are becoming realistic, and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market."

The survey also found that, in October, the average number of houses sold per estate agent rose from six to seven, while the percentage of first time buyers coming on to the market also increased.

A recent survey by the Royal Institute of Chartered Surveyors (Rics) revealed that more people are placing their for-sale property on the rental market due to its inability to sell.

UK Property News posted on 19/11/2008 17:57:03