NAEA - house buyers in 'good position'
The current situation in the property market has left house buyers in a good position, according to the National Association of Estate Agents (NAEA).
The latest Rightmove House Price Index revealed that there are now a record one million unsold properties on the market - with the ratio of properties to buyers standing at 15 to 1.
House prices also fell in June by 0.9 per cent, taking them 6.3 per cent lower than this time last year.
Chris Brown, the president of the NAEA, believes that this means that sellers can no longer hold out for very high offers - as there may not be another buyer around the corner.
He said: "If you are a dynamic purchaser free of any problems then I think it's very good news. There has probably never been a better time to buy for a very long time.
"People's expectations are now coming into line with reality... I certainly think they [buyers] have got a lot of pulling power and a lot of influence on the market."
Alistair Darling, the chancellor of the exchequer, told BBC Radio 5 live on Sunday (July 6th) that he will continue to look into what the government can do to help people who are suffering from conditions in the mortgage market.
Property Investment News posted on 07/07/2008 10:27:06
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