London market 'to bottom out in early 2009'

16-Dec-2008

Early in the new year could prove the perfect opportunity for Britons looking to purchase their first property.

London-based estate agent Cluttons has predicted that the property market cycle is ahead of recent forecasts and could bottom out early into the new year.

This could provide a good opportunity for first-time buyers to enter the property market while house prices would be at their lowest rates.

Cluttons predicts that London's property market will stabilise once prices have fallen by between 20 and 25 per cent from August 2007.

Richard Cotton, divisional head of residential agency at the organisation, said the London market is approaching its turning point.

"There are lots of buyers watching the residential market very closely, and they are desperate not to miss the floor when it arrives," he added.

Rightmove has predicted that house prices will fall by a further ten per cent across the UK during 2009 amid the effect of the recession of the UK economy.

FirstRungNow.com - how to buy a house, from finding your first flat or first house, first time buyer mortgages, shared ownership, buying with friends, gifted deposit, part buy part rent - all a first time buyer could possibly need.

Shared ownership boost for FTBsFirst-time buyer mortgage borrowing increaseGovt loans to help first-time buyers

2012: May | Apr | Mar | Feb | Jan

2011: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2010: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2009: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2008: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2007: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2006: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar | Feb | Jan

2005: Dec | Nov | Oct | Sep | Aug | Jul | Jun | May | Apr | Mar