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FRIDAY 17TH JUNE 2005  UK MARKET BACK ON TRACK SAY ESTATE AGENTS The May housing market survey results released by the National Association of Estate Agents suggests that the housing market is getting back on track: the level of sales agreed returned to almost the same level as the same time last year, with an increase of almost two more properties sold per agent in May, compared to the previous month. Although the level of residential property sales has improved, it is now taking an average of five months to sell a property. The time it takes to agree a sale from instruction has increased by 4.2 weeks on the same time last year indicating that buyers are exercising caution before committing to purchase a property. These findings coincide with recent findings from the Nationwide Consumer Confidence survey, which highlighted a general lack in confidence in the future economic climate. Together, they indicate that consumers may place a greater emphasis on the security of the property market that the government and the Bank of England gives credit for. The government’s plan to encourage first-time buyers into the housing market by increasing the zero per cent stamp duty threshold to £120,000 is still only helping a limited number of buyers. The May survey results show a clear North/South divide when looking at the properties which qualify for zero per cent stamp duty. The table demonstrates that the average cost of a typical first-time buyer property in the North was over £12,000 lower than the stamp duty threshold, however in the South was over £8,000 higher. The number of homes on the market increased by an average of 6.74 per estate agent compared to last month and was double that of last year. If the market remains saturated with available properties it will be difficult to encourage a rise in prices. A reduction in interest rates could give buyers the confidence to commit. The number of new applicant enquiries decreased by 29.1 in May compared to the previous year. With the increase in available properties and decrease in new applicant enquiries, sellers will need to be realistic about pricing if they want to sell their property quickly. Rental rates increased by 0.33% throughout May 2005 compared to 1.79% May 2004. More realistic rental pricing is helping to fill empty properties with the number of vacant properties at an average of 7.87 compared to 9.15 the previous year. Buy-to-let landlords are still clearly feeling the pinch however, as the number of buy-to-let properties being put on the market has been steadily increasing since the start of the year. The dip throughout March and April followed by the surge in May could be an indication that landlords were awaiting the outcome of the general election before taking the decision to sell their properties.

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