Market 'now more transparent'
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Posted: 19th Nov 2008
There is a new transparency to the housing market that is the result of more realism from homeowners, estate agents have claimed.
The National Association of Estate Agents (NAEA), has suggested that house prices are reflecting the changing state of the market and first-time buyers and other people may become interested in more homes.
However, Chris Brown, president of the NAEA, said that more needs to be done by the government to help speed up the rejuvenation of the housing market, including a suspension of stamp duty and an interest rate cut.
"Sellers are beginning to face up to the reality that their houses are not worth as much now as they were 12 months ago. They are ripping up last year's price tags and beginning to come to terms with the new economic reality.
"If hardworking men and women across the country are making sacrifices, the least that they deserve is the banks and government to stand shoulder to shoulder with them."
The NAEA includes over 10,000 members in the UK alone across the property industry.
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