Financial Terms N

National Association of Estate Agents (NAEA): The UK’s leading professional body for estate agents. The Association has 10,000 members, who deal in all aspects of the property business both in the UK and abroad. All estate agents have to formally qualify to become members of the NAEA and must comply with its code of conduct.

National Landlords Association (NLA): An independent national organisation representing over 13,000 fee-paying members throughout the UK. The NLA assists members with legal and regulatory issues related to the management of their lettings and associated statutory rights and responsibilities.

Negative Equity: Negative equity occurs when the amount loaned against a property exceeds the market value of the property. This occurs when there is a fall in the real value of the house. It means that if somebody wanted to sell their house they would get less for it in real terms than the original buying price.

New Build: Single or multiple new properties developed on green field sites.

Nominal House Price: The monetary value of the house.

Non Status Loan: A loan granted without making enquiries as to the borrower’s income or credit history.

Notice of Default: Initial communication from a lender when a borrower has fallen behind on their loan repayments.