Property recovery 'will be gradual'

17-Jul-2009

The property market will recover but at a "very gradual" pace, an expert in the sector said this week.

Trevor Kent is spokesperson for the National Association of Estate Agents and commented on PricewaterhouseCoopers' (PwC) recent prediction that house prices in 2015 will not overtake those seen in 2008.

He said he hopes this forecast is wrong but there is "little doubt" that the road to recovery will be a slow one.

In fact, there is not much further to fall at this point and each month will see a small percentage correction.

Mr Kent added: "I don't believe we are going to see a strong recovery, but what I do expect is a recovery in turnover, albeit at this new level of average prices."

PwC also reported that in 2020 - if there are five years of stronger growth - there is a 30 per cent likelihood that house prices will still be below those of 2008's, after adjusting for inflation.

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