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Interest rates have `negative impact` on housing market

28 August 2007

Rising interest rates have had a `significant` negative impact on regional housing markets, new figures show.

Homeowners may be interested to know that 71 per cent of estate agents polled for a survey thought five interest rate rises within a year have had a negative effect.

The survey, by the National Association of Estate Agents (NAEA), also found that 61 per cent of agents had experienced a drop in house hunters since the latest rise in early July.

Earlier this month, the Bank of England held interest rates at 5.75 per cent and suggested rates would hold for some time.

NAEA president Stewart Lilly said: "There is a glimmer of hope that further interest rate rises are temporarily on hold following the latest round of reports. If this is indeed the case it will provide much needed comfort to house hunters who have been grappling with the effects of the past three rises this year."

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