Housing market subdued in September

Signs that the UK housing market is slowing down amid continued uncertainty have been reinforced by the latest survey from the National Association of Estate Agents (NAEA).

September saw an average of 11 sales agreed per agent, the NAEA has reported, down from 12 in August of this year and 14 in September 2006.

The association said that what is traditionally a busy period for the industry had been hit by global lending conditions, the introduction of Home information packs (Hips) and higher interest rates, noting that fewer buyers had resulted in an excess of smaller properties on the market.

"The survey this month has been characterised by extremes, from unusually high stock levels to unusually low buyer levels. The market has certainly been considerably quieter than one might expect moving into Autumn," commented NAEA president Stewart Lilly.

"We all need to be prepared for a more difficult sales environment over the coming months. There are certainly no signs of a market crash, as is being suggested by some, however," Mr Lilly added.

Both Nationwide and Rightmove reported a rise in property prices last month, though Halifax and the Royal Institution of Chartered Surveyors (Rics) reported falls.

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