The National Association of Estate Agents has reported "continued strength and confidence in the market" in its July housing survey.

July, a traditionally quiet month for estate agents, held steady from June and a clear year on year growth is evident in the market, said the estate agents’ body.

Detached house prices increased as demand outstrips supply, however a surplus in flats in some areas has led to a slight fall in asking prices within this property bracket.

The number of buyers on estate agents books rose, as did available housing stock. Sales, despite being slightly down from last month, are up considerably from the same period last year.

Agents sold an average of 14 properties each in July, a 6% decrease from June where 15 sales per agent was reported. However sales are up by 40% compared to last July when agents sold just 10 properties each. The lack of a significant dip in sales during a month when many potential buyers and sellers are on holiday proves that the housing market is in great shape, said the report.

NAEA President Charles Smailes said: "It is great to see sales are up significantly from last year and that the time to taken to sell has decreased, the market crash that some have predicted is looking less and less likely."

The first time buyer share of the market is also up from last year and the time taken to sell is on average over two weeks less than July 05. The lettings market also saw a steady growth as the time taken to let decreased alongside the number of properties available.

Lettings Market remains strong

There was an increase in activity in the lettings market with the average time taken to let a property decreasing slightly from 12.72 days in June to 12.64 days in July. There was also a decrease in vacant properties by 13.3% from 15 per agent to 13.

Rents rise

Lettings agents reported a 1.29% rise in rents last month, contributing to a 3.2% annual rise. This is bound to have an effect on the many young people currently priced out of the housing market and unable to save for the huge deposits now required to get onto the property ladder.

All factors point to stability

Average asking prices per property from the Association’s members
June ‘06		July ‘06
Flat	£135,509	Flat	£133,578
Terraced	£164,063	Terraced	£167,324
Semi detached	£211,165	Semi detached	£212,098
Detached	£304,174	Detached	£315,045