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Estate agents call for decisive action to boost property markets

They want to see stamp duty suspended and are calling for the Bank of England to cut interest rates further.

More than half, 54%, of estate agents surveyed by the National Association of Estate Agents, said they did not have confidence in current Government policies.

The Association, the UK's leading professional body for estate agency personnel which representing the interests of around 10,000 members who practice across all aspects of property services both in the UK and overseas. Said it is now time for the government and the major lenders to act.

There are signs that seller are becoming more realistic but the market will not pick up without more positive action, said Chris Brown, President of the National Association of Estate Agents.

'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,' he explained.

'That is a difficult thing to do – but the silver lining is that the market is now more transparent for buyers. Prices are becoming realistic, and we hope that this provides the boost needed to encourage those families who so desperately want to buy houses to get onto the market.

'However, as sellers have bravely accepted the truth of the situation and responded accordingly, so now must the Government and the major lenders. That is why we are calling for a further cut in interest rates next month, coupled with a clear commitment from the major lenders to pass any cut on to consumers and a suspension of Stamp Duty from Alistair Darling in Monday's Pre Budget Report,' he added.

The survey also found that the average number of houses sold per estate agent rose from six to seven. The percentage of first time buyers also increased.

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