According to figures, there was an average of 322 registered buyers – down from 344 in May. It is believed that the Base Rate rise in May to 5.5 per cent is the main factor in this instance.
On a more positive note, sales remained stable and the share of the market for first-time buyers increased for the first time since February, with a 0.9 per cent rise from May to June.
The number of reported sales remained level over the Q2 2007, with an average of 13 houses sold per agent, per month. The market has remained stable, though levels are down on 2006’s figures, when NAEA agents reported an average of 15 sales agreed for June.
NAEA president, Stewart Lilly, said: “The next few months are likely to be characterised by consumers being cautious due to uncertainty surrounding future economic movements and recent government changes.
“Buyers and sellers have been reacting to mixed messages over the likelihood of further rate rises. Many are choosing to employ a ‘wait and see’ strategy as a result. This, coupled with the Summer period approaching, suggests there will be a quieter housing market over the next few months.”
Toby Nelson, PR manager at Platform, said: “I don’t think that you can attribute the rise in first-time buyer applications to one sole factor. Instead, a combination of drivers must be having an effect. The concern felt about the possibility of further rate rises in the coming months and the fact that property prices in some areas are now levelling out must come into play.”
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