Members of the National Association of Estate Agents (NAEA) reported an immediate downturn in business following the terrorist attacks on 11 September.
In the NAEA’s monthly market survey, 54% of agents saw a dip in September. House prices are reported to be 13% higher than for the same time last year, but 80% of respondents expect a slowdown in price rises for the rest of the year. Nearly all, 90%, say there will be less property available on the market.
As well as political tension, the NAEA cites recession fears and the usual festive season slowdown as reasons. The NAEA stresses that any slowdown should be seen in context of a market that has outperformed all expectations in 2001.