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Housing market 'shrinking' as winter approaches
12/11/10
Edited by Andy Jowett.Activity in the residential property market has started to "shrink" as autumn turns to winter, according to the National Association of Estate Agents (NAEA).
The industry body's snapshot of conditions in October shows a decline in both the number of buyers and sellers compared with September.
On average, estate agents had 218 house hunters on their books at the end of the month, down from 247.
Meanwhile, the average number of properties for sale per firm declined from 72 to 67.
NAEA president Michael Jones said the traditional slowdown in activity in the run-up to Christmas is being "exacerbated" this year by sellers being unwilling to accept declining prices and buyers facing difficulties in accessing finance.
"Mortgage restrictions will need to be eased if we are to see any real increases across the market moving into the early part of 2011," he added.
The average price of a UK home fell by 0.7 per cent to £164,381 in October, according to the latest figures from Nationwide.
