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Market is 'stable' say experts

The housing market for first time buyers is "favourable", according to an industry expert.

Stewart Lilly, president of the National Association of Estate Agents (NAEA), revealed figures which show that although the number of first time buyers decreased in February of this year, the cost of homes are mirroring the slowing market.

He said: "It is disappointing to see that the percentage of first time buyers took a drop this month.

"However we are hopeful that this sector of the market will continue to grow as prices reflect the prevailing market condition. The market is much more favourable to this target market."

NAEA statistics also show that the number of houses sold by agents remained at eight for January and February. This is five less per agent compared to last year.

Sales agreed fluctuated from 9.86 per cent in January and 8.64 per cent last month.

"Overall, the market remains steady despite many external pressures," added Mr Lilly.

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