Potential home buyers in the UK are being careful with their decisions about purchasing a new property.

That is according to the National Association of Estate Agents (NAEA), which has suggested that the ensuing effect of the credit crunch and the unsteady nature of the property market have given a lot of buyers a "wait and see attitude".

NAEA president Chris Brown warned potential buyers that prices are not likely to experience "massive drops" and that the market is "stable".

He said: The figures from the April report suggest that the market is stable, however, consumer confidence is still dented. Properties supply is good but buyers are being cautious.

"There are still strong economic factors at play, such as high employment and low interest rates and sales are still taking place. Moreover, people need places to live and property purchase remains a good long-term investment."

The NAEA also noted that many sales are falling through because some buyers are getting "cold feet", while others are unable to secure a mortgage.