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Turner, CEO of property website look4aproperty, said: "I predicted a few weeks ago that the property market needs a substantial amount of the money being injected into the economy by the Government.

"The country needs new lending products – otherwise the housing market will continue to stagnate.

"The only way the housing market will bounce back will be when the availability of mortgages increases.

"Until that time the rising number of people stuck in negative equity will continue to go up and those people will have little choice but to sit and wait."

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