NAEA January market report

THE UK housing market saw a surge in the level of enquires, both for buyers and sellers in the first two weeks of January, according to estate agents.

The buoyant start to the year was recorded in a poll of almost 700 estate agents conducted by the National Association of Estate Agents (NAEA).

Almost two thirds (59 per cent) of those surveyed said that the number of house hunters registering with them during the first two weeks of January was higher than they would normally expect for this time of year. A quarter (26 per cent) said that levels were consistent with the average for January. Just 14 per cent said things were worse than expected.

Similarly, the level of enquiries from potential sellers went up with 45 per cent of NAEA members reporting an increase over the same period. Over a third, 36 per cent of agents questioned said that figures remained steady.

NAEA President Mike Jones said: “The results of this latest survey would seem to indicate a renewed confidence in the housing market as we begin 2011. It is encouraging to see that the majority of our agents are noting an upturn on both the buyer and seller sides and those that didn’t are still reporting steady figures consistent with January of last year.

“The market appears to have experienced a jump start to 2011. We are hopeful that this strong start to the year will continue into February.”

For more info on Madison Oakley or contact details for our directors, do visit our website.

Market Update 26/1/2011

Camden Crescent, Bath

 

THE UK housing market saw a surge in the level of enquiries, both for buyers and sellers, in the first two weeks of January according to a poll of almost 700 estate agents conducted by the National Association of Estate Agents (NAEA).

 

Almost two thirds (59 per cent) of those surveyed said that the number of house hunters registering with them during the first two weeks of January was higher than they would normally expect for this time of year.   Similarly, the level of enquiries from potential sellers went up with 45 per cent of NAEA members reporting an increase over the same period.

 

NAEA President Mike Jones said: “The results of this latest survey would seem to indicate a renewed confidence in the housing market as we begin 2011. It is encouraging to see that the majority of our agents are noting an upturn on both the buyer and seller sides and those that didn’t are still reporting steady figures consistent with January of last year. The market appears to have experienced a jump start to 2011. We are hopeful that this strong start to the year will continue into February.”

 

Rightmove’s January House Price Index key points are;

 

• Scarce new sellers raise their asking prices 0.3% (£711), the first rise for three months.
• Property is coming to the market at its lowest level since January 2009.
• Forecast of spring stock shortages to underpin prices in popular locations, as new seller numbers dwindle and record internet search activity indicates stirring buyer interest.

 

Madison Oakley have also had an excellent start to the New Year, finding buyers in January for 20% of our vendors.

 

Licensing for estate agents

A license for UK estate agents has been introduced for the first time in a major push to raise standards in the industry. The licence was launched at the House of Commons yesterday by the National Association of Estate Agents (NAEA). The NAEA says more must be done to protect consumers from unprofessional agents. A licensed estate agency branch means consumers are guaranteed that at least one agent within that branch is qualified in residential property sales, either through a formal qualification or through length of service in the industry. Currently there is no barrier to anyone setting up and practising as an estate agent. There is no legal requirement for estate agents to obtain the new licence, leaving consumers with a clear choice over whether they choose a licensed or unlicensed agent.

Peter Bolton King, chief executive of the NAEA, said: “Nobody would knowingly get into an unlicensed taxi. However thousands of people are willing to entrust one of most important transactions of their life to people who are not qualified or experienced. We would like all sellers and buyers to ask their prospective agents, ‘Do you have a licence?’. If they don’t, they should ask themselves whether that’s the best place to market their property. From today estate agency in the UK is a two-tiered industry – those agents who are licensed and those who are not. I think the public will welcome the distinction and I believe that this move will raise standards across the industry.”

Housing Minister Grant Shapps said: “For years I’ve been calling for better standards throughout this industry, so I’m delighted the NAEA are taking matters into their own hands and launching a licensing scheme that will ensure their members become known for their professionalism and integrity. I call on all estate agents to sign up and make sure they’re not left behind when consumers vote with their feet. This is exactly the sort of measure the housing market needs – simple and sensible changes that are driven by industry and designed to deliver results. By ensuring they enjoy the trust of people buying and selling homes, estate agents will inject greater confidence and movement in the housing market. In future anyone looking to buy a home or sell theirs should ask the simple question of their estate agents – “are you licensed?”

 

 Madison Oakley are an independent estate agent and letting agent in Bath. We are a small director led firm with over 50 years combined local experience.To find out more about us, do visit our website. We would always be delighted to receive comments via our blog or do feel free to call us on 01225 466525.