Estate agents play down housing slowdown

4:08pm Wednesday 15th October 2008

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DESPITE grim figures showing estate agents are struggling to sell more than one house a week, firms in Wiltshire say things are not as bad as they seem.

The Royal Institution of Chartered Suveyors (RICS) released figures this week, as property prices continue to tumble, showing estate agents had sold an average of just 11.5 homes during the three months up to the end of September, the lowest level since the survey began in 1978.

However, estate agents in Wiltshire, where the average house price is £202,580 according to latest figures released by Halifax, have insisted things are not as bleak as people think.

David Needham, branch manager of Connells in Fore Street, Trowbridge, said he thought national press had a big impact on the way people viewed the housing market.

He said: “The national media have a lot to answer for. The problem is people don’t come in and investigate the options open to them as they are being scared by what they read.

“They would feel much happier if they sat down with someone in the profession, a mortgage advisor for instance.

“We have had a few first time buyers come in over the last few days so that is a very positive thing.

“We are selling more than one a week. But there is a distinct drop. People are coming in and seeing us, but they still need to sell their own homes.”

The RICS said the lack of mortgage finance available was continuing to stifle the ability of buyers to enter the housing market, but it added that the £37 billion rescue package for the banks, which includes a commitment to increase lending to homeowners, meant the situation could ease.

• For the full story and the third feature on how the credit crunch is affecting Wiltshire, see this Friday's Wiltshire Times and Chippenham News