1
Aug
NAEA urges people to think regionally
The National Association of Estate Agents (NAEA) has urged people
to look at the housing market in a regional, rather than national
context.
Commenting on the recent Nationwide house price data that showed
property values dipped by 1.7 per cent in July, the organisation's
chief executive Peter Bolton King argued that it would have been
"impossible" for the housing market to sustain the soaring prices
of the last decade.
However, he noted the average house price is still £11,000
higher than three years ago and that there are significant
variations in the property markets in different areas of the
UK.
"The picture is mixed across the country and some areas will be
more affected than others, so people really need to look to their
local markets to get a true picture," Mr Bolton King said.
Nationwide's chief economist Fionnuala Earley also noted that the
mortgage has shown an improvement, with a number of lenders
lowering their fixed-rates.
