Property market tipped for major recovery

29-Dec-2008

The UK property market could soon be on course for a major recovery, it has been suggested.

National Association of Estate Agents chief executive Peter Bolton King said that many members of the body have recorded house price falls of up to 20 per cent, but noted that some have also seen indications of the market bottoming out.

He predicted: "It seems possible to me that once the recovery begins, we could see a bounce as pronounced as the fall."

Such a recovery would require an increase in mortgage lending, a passing on of base rate cuts to consumers and an improvement in consumer confidence levels.

He suggested that many prospective purchasers are increasingly aware of the "bargains" that are available in the market, something that first-time buyers may be looking for.

Last week the Royal Institution of Chartered Surveyors forecasted that 2009 will see a ten per cent rise in transactions as buyers return to the market.

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