Estate agents are trying to calm buyers panicked by an impending property crisis.
The National Association of Estate Agents has claimed that many parts of the country will be unaffected by a housing market crash, and that buyers should not panic. The NAEA claims follow the release of the Nationwide house price index that showed an 8.1 per cent fall in house prices across the country.
Peter Bolton King, the NAEA chief executive, reportedly commented: "In order to gain a clearer picture there is a need to look regionally. We are already aware from our own members that house prices are being affected differently throughout the country so to see that the report showed an aggregate drop in house price comes as no surprise."
He reportedly continued: "However, there is a real need to keep this in perspective. The picture is mixed across the country and some areas will be more affected than others, so people really need to look to their local markets to get a true picture. There is no denying that the credit crunch has affected confidence in the market – but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses."
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Don't panic, estate agents tell buyers Fri, 01 Aug 2008
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