Reports that property prices may pick up next year
January 23, 2009
Recently an industry official predicted that house prices would have to continue falling up to an overall 35 percent before starting to recover again.
However, in a separate report an estate agency industry group had predicted that house prices could start to recover as soon as the middle of next year. Like a number of other industry groups and officials the National Association of Estate Agents has predicted that property prices could start to rise again in the summer of next year.
The year so far has been a bad one for homeowners as many have seen the equity levels in their homes plunge, as house prices have come down month on month since the bubble burst in October last year.
In addition to this those that have tried to sell before prices fell too low have found that their property has simply stagnated unsold on the market, with would be buyers either unwilling to purchase in a climate where house prices are still falling or unable to get the finance to purchase because of the tighter credit conditions stemming from the global credit crunch.
An official from the National Association of Estate Agents said that the rise in property prices could be as pronounced as the fall.
He said: “Officially, house prices have come down since their peak by around 13 per cent but, in some areas at least, prices are down by more than 20 per cent. We haven’t seen that kind of fall in such a short period before. However, parts of the market are, perhaps, beginning to bottom out and, once recovery begins, we could see a bounce as pronounced as the fall.
- Another fall for house prices in February Britain's largest building society, the Nationwide, has recently reported that house prices in the UK took yet another battering in February, with property prices reported to have fallen by around 1.8 percent. Officials from Nationwide
- Could you pick up a property bargain at auction? As most people are only too well aware the prospect of being able to afford a property these days is very bleak, even thought property prices are falling, as they have been for the past
- Average Buyers Still Unable To Afford Property It has been revealed that the average buyer may still find that property prices are out of their reach, with house prices becoming unaffordable again for the first time since the property slump began at
- Mortgage still being sought by first time buyers A recent report has indicated that despite high house prices and restricted mortgage availability, coupled with higher borrowing costs and the threat of negative equity due to falling house prices, many non-homeowners are still seeking
- Surveyors hope for increase in property sales A survey from the Royal Institute of Chartered Surveyors has recently suggested that over the coming months there could be an increase in the level of property sales in the UK. Officials from RICS have
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