No more property price drops expected

22-Jun-2009

There will be no further dramatic drop in property prices, it has been predicted.

First-time buyers may need to act soon if they are going to secure a first property if the comments of head of mortgages at Bestinvest Peter O'Donovan are to be believed.

He said that the two main indices for house prices - Nationwide Building Society and Halifax - have reported that the value of housing has been heading up in recent months, which may mark the end of falling costs.

"Overall, it's still a big downsize [in prices compared to] last year," he explained.

"There seems to be a lot of buyers on the market, and [the above] figures [indicate] that purchases are increasing, people are considering selling and moving on, and the properties will start to come back on the market."

Mr O'Donovan's views contradict those of PricedOut.org.uk spokesperson Katy John, who stated earlier in June that it is still possible for prices to come down in the coming months.

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