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Property market is favouring buyers, says NAEA

Property market is favouring buyers, says NAEA

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The current property market is favouring buyers, the National Association of Estate Agents (NAEA) has stated.

According to figures from the association, the market is currently "dull", with the difference between asking prices and sales prices widening.

The actual number of sales achieved last month remains on level with figures from February 2007, the NAEA found.

Stewart Lilly, the NAEA president, said that the number of first-time buyers dropped during last month, which was "disappointing".

"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 said.

Mr Lilly added that he hoped the Bank of England will continue to reduce interest rates.

Last week, the Council of Mortgage Lenders suggested that the mortgage market is undergoing a period of change, with tracker deals becoming a more popular choice.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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