First-time buyers should be patient and see purchasing a property as a sound investment, according to the National Association of Estate Agents (NAEA).

Turmoil in the market since the start of the year has caused a loss in confidence from buyers, the NAEA claims.

On top of this the number of sales in the sector has plummeted as buyers adopt a "wait and see" approach and there has been a reduction in the number of new build homes coming onto the market.

A spokesperson for the NAEA said: "There has been a stream of negative information portrayed in the media and despite all of the pessimisms surrounding the industry a property should still be seen as a sound investment."

With an estimated 4,000 estate agents have been made redundant since the start of the year and this figure is expected to hit 10,000 unless the housing market shows clear signs of improvement, reports the Times.

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