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Potential homeowners "still lack confidence"

20/08/2008

British consumers are still stepping away from the housing market, instead choosing to "wait and see" how the market changes, according to figures from the National Association of Estate Agents (NAEA).

It may be suggested that people are worried about debt problems caused by high mortgage repayments or by negative equity if house prices dramatically fall.

The NAEA members said the market is showing signs of stability in terms of agreed sales, the number of viewings prior to a sale, the percentage of sales that have collapsed and the period between instruction to estate agents and the actual sale.

Stamp duty is causing worry for the association, which said "decisive action" must be taken by the government.

"We are concerned that the anticipation of the suspension of stamp duty may halt the transactions in the housing market even further," said Chris Brown, NAEA president.

In related news, a study of "finance literacy" undertaken by Abbey found 38 per cent of respondents could not explain the meaning of negative equity. However, the same exercise last year found 47 per cent could not explain the meaning correctly.

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