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Following the release of the RICS survey today, Peter Bolton King, Chief Executive of the National Association of Estate Agents (NAEA), the residential sales arm of the National Federation of Property Professionals (NFOPP), said:

“The report reflects our own take on the market: The house prices falls that are taking place are modest and the picture is still patchy with some areas of the country finding it tougher than others.

“There is no denying that the credit crunch has affected confidence in the market – especially first time buyers who are finding it hard to find financing to get on the ladder - but it is still important to remember that the underlying factors that support the property market remain: low unemployment, historically low interest rates and a pent-up demand for houses. Therefore, rather than a dramatic fall that some doom and gloom merchants are predicting, it shows we are looking at a return to a more steady market rather than the fantastic price hikes we have seen in the previous 10 years.“

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