December was an exceptionally tough month for the property market. Not only were prospective buyers struggling against the twin challenges of a lack of mortgage finance and the remnants of the recession, they also had to contend with the weather.
The record early snowfall caused havoc around the country and resulted in the now almost traditional winter finger-pointing exercise. I think it is becoming clear that, behind all of the political exchanges, the economy suffered. In January ONS figures suggested that the UK economy shrank by 0.5% at the end of 2010. This contraction is something, they claim, that would not have happened had it not been for the weather. Many factors can influence the housing market, and to blame a tough month entirely on weather would be shortsighted, but, as the ONS figures show, it was not without its influence.
The good news, however, is that January has been better than December, and the question is now how we sustain this move back towards a more buoyant property market. Unfortunately, there is no quick-fix, but an increase in the levels of mortgage finance available to buyers is something I have consistently suggested to stimulate the market. Any solution will take time, and I believe whatever measures are taken, a review of the mortgage situation in this country should be of paramount importance.
That said, it is encouraging that so many NAEA agents I have spoken to have a positive outlook for the year ahead, in what is traditionally the most depressing month on the calendar. Only time will tell if we are on the road to recovery, but I believe that a strong start to January, combined with positive reporting will go some way to restoring battered confidence in the market.
Comments
Sounds very educational to me. We also feature some property to let articles at the Lettings Mall
This confused me, Surely Peter should be applauding the OFT findings not perpetuatinf the myth that Agents are a bad lot!
"The Office of Fair Trading (OFT) is not doing enough to protect homebuyers and sellers from dodgy estate agents, says the UK's leading estate agent association.
The OFT's Home Buying and Selling Report, published today, shows that consumer satisfaction with estate agents is at very high levels despite the current turbulence seen in the home buying market.
cc news bump
But the National Association of Estate Agents (NAEA), which represents 10,000 estate agency personnel in the UK, has accused the OFT of failing to recognise the need for better consumer protection in the sector.
The group is concerned that consumers looking to buy or sell homes are exposed to estate agents who lack the standards and obligation to ensure consumers are being dealt with fairly when committing to such a vital and huge financial decision.
Chief executive of the NAEA, Peter Bolton King said: ""We are very happy that the OFT's study has shown the very high levels of consumer satisfaction with estate agents.
"However, once again the OFT has categorically failed to see that better regulation of the home buying and selling market is required. Buying a home is often the largest single transaction of a person's life and it is disappointing that the OFT has not thought it appropriate to acknowledge that a robust and appropriate level of consumer protection is needed.
The OFT has categorically failed to see that better regulation of the home buying and selling market is required.
"The NAEA would like to see a greater level of regulation to ensure that professional, qualified estate agents are not confused with agents that, all too often, fail to meet the basic professional standards we would expect from our members.
"The need for consumer protection in the form of a more professional industry is the driving force behind our plans to introducing a licensing scheme for our members later this year."
The NAEA also highlighted the stark contrast between the views of the OFT and the Department for Communities and Local Government, the latter of which is proceeding with full regulation of lettings agents.
The group accused the regulators of "inconsistency" given that the same agents and firms often deal with both sales and lettings"
Precis:
If the dirty banks would lend money savers have not deposited with them to first time buyers using huge salary multiples and with no regard to the risk of future interest rate rises - all would be well.
Does anyone choose an agent because they are NAEA?
Thank you for sharing this information.
http://www.VladaProperty.com
December was an exceptionally tough month for the property market. In January ONS figures suggested that the UK economy shrank by 0.5% at the end of 2010. Unfortunately, there is no quick-fix, but an increase in the levels of mortgage finance available to buyers is something I have consistently suggested to stimulate the market.
"Precis", auto-precis's clever idea. All would save time with one. Can he apply to Henry's blog? Contrary to hype market in further decline. 'Nuf said.
If one cuts and pastes that blog into Word and does an auto-précis it can be reduced by 100%, it says absloutely nothing at all
What percentage of NFOPP members renewed their subscriptions?