NAEA notes market is stabilising

However there are still signs of uncertainty, with July's figures demonstrating that there is a lack of consumer confidence, with less people entering the market.

Chris Brown, president of the NAEA, commented: "The figures reported by agents in July show that there is still an indication of stability in the market, however consumers continue to adopt a ‘wait and see' approach in the hope that there will be an improvement in the market.

"Consumers are feeling anxious and have every right to be with the Government's inability to reassure the market, especially over the issue of Stamp Duty. Decisive action in this area is needed as we are concerned that the anticipation of the suspension of Stamp Duty may halt the transactions in the housing market even further."