Housing market supported by fundamentals

Published: May 13, 2008

The UK housing market is supported by strong underlying fundamentals, according to the National Association of Estate Agents (NAEA).

It is good news for anyone considering getting a mortgage quote and buying a property.

The NAEA is convinced that the housing market will not suffer big losses because demand for housing remains strong.

In addition, interest rates are historically low, which is also good news for people trying to get a mortgage quote.

"It is… important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses," said Peter Bolton-King, NAEA chief executive.

"Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous ten years," he continued.