The number of house buyers on books, available property and the proportion of first-time buyers fell throughout February, according to data from the National Association of Estate Agents (NAEA).

Additionally, the number of actual sales remained the same as last year, while the average difference between asking and sales price was seen to widen.

The NAEA has said that the figures "echo the current climate of confusion" that is present in the current property market, with the global credit crunch along with consumer inflation putting pressure on the market.

Commenting on the findings, NAEA president Stewart Lilly said: "It is disappointing to see that the percentage of first time buyers took a drop this month however, we are hopeful that this sector of the market will recover and continue to grow as prices reflect the prevailing market conditions. The market is much more favourable to this target market."

He added that his organisation continue to urge the Bank of England to lower interest rates to help bring back "a renewed sense of optimism".


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