Improvements in housing affordability could help generate more business opportunities for real estate agents, RP Data has claimed.
Speaking to Real Estate Business, RP Data’s research director Tim Lawless said while many agents are struggling in this flat property market, there is light at the end of the tunnel.
“There are positives to be drawn from falling property prices,” Mr Lawless said.
“The market does need to take a breather. Properties prices cannot continue to climb as they have done in the past. We need to see some improvements in affordability, and that is exactly what is happening at the moment.
“Prices are going backwards, in addition wages are going up, and so we are seeing affordability improving. As housing affordability improves, more borrowers and buyers will come back into the market.”