Propertymark is the latest trade body to call on the Bank of England to cut interest rates to boost demand for property.
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It sees lower rates as key to increasing affordability levels and consumer confidence, particularly among first-time buyers, as well as ease the financial strains on homeowners in general.
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The news comes as property website Zoopla found that people who are buying their first home are paying an average of £244,100 – this is £20,300 below the local market average.
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Source: Property Industry Eye