Property market is holding up

The research discovered that properties are achieving 96 per cent of the asking price, which was only one per cent down on September.

The national average of potential buyers interested in each property was six in September, and this figure remained unchanged. However, the greatest interest in individual properties is still in the South-East where the are ten buyers for each property.

The average time taken for a property to sell is eight weeks, although in Scotland this is reduced to five weeks as interest remains high.

Ian Davies, regional business director at Bradford & Bingley Estate Agents, said: “We have seen changes in the housing market since the events of 11 September, but the situation is clearly not as bad as many had feared. The marked difference is now that the market is largely made up of serious buyers who need to make a move, rather than those making an aspirational purchase.”