Property purchase 'a good long-term investment'

Purchasing a property remains a "good long-term investment" for people in the UK, according to an expert.

Chris Brown, president of the National Association of Estate Agents (NAEA), made the comment after research by the body found the average difference between asking and selling prices stood at 4.7 per cent in April.

The study also found that an average of 84 properties were on estate agents'' books in the month, compared to 76 in March.

Mr Brown said that while buyers and being cautious, properties supply is good and several issues mean the market remains stable.

"There are still strong economic factors at play, such as high employment and low interest rates and sales are still taking place. Moreover, people need places to live and property purchase remains a good long term investment," he added.

Established in 1962, the NAEA is the UK''s leading body for estate agency.

The organisation has 10,000 members involved in a number of property sectors, including residential and commercial sales.

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