Housing market picks up significantly

The UK housing market is on the road to recovery, according to the National Association of Estate Agents (NAEA).

Preliminary figures from the organisation's monthly housing market survey paint a very rosy picture for the market.

Housing stock, buyers on books and the number of recorded sales are all reported to have picked up in January.

Further to this, first-time buyer (FTB) numbers picked up, with new buyers accounting for 14.5 per cent of all sales.

"The return of buyers and particularly first-time buyers early in 2008 marks a significant change in the fortunes of the market. I am confident that we have just started to see the benefit of the first interest rate cut in December, and the latest quarter per cent decrease in February will further help boost the confidence of all buyers and particularly first-time buyers," commented Peter Bolton King from the NAEA.

"Our advice to all buyers is that whilst we have been seeing a number of negative national stories about the housing market recently, it is important to keep it in perspective.

"The truth is that the market differs significantly across the UK and prospective buyers really need to talk to their local agents and find out what's happening in their region - they may find the situation is not nearly as dire as some would have us believe," he continued.

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