Fewer homes selling at asking price

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The gap between asking prices for homes and the price at which they sell is widening, according to the National Association of Estate Agents (NAEA).

NAEA members have also reported falling numbers of buyers and homes for sale and a falling proportion of first time buyers. A survey of NAEA members found the gap between asking prices and actual sale price has reached 4.5%. The NAEA says a number of external pressures are causing buyers to be prudent, though the number of sales has remained static. Stewart Lilly, president of the NAEA, says: “The figures reported in February echo the current climate of confusion that is clouding the property market at present. Invariably, the global credit crunch, especially the US situation, has had a...

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