UK 'not out of the recession yet'

30-Nov-2009

The UK home loans market, including first-time buyer mortgages, is yet to recover from the economic downturn, according to one expert.

Despite the recent upturn in house prices, David Amstell, founder of Biffy.com, pointed out there is always a slight rise in values after the summer months, meaning that rather than experiencing a recovery, the market is simply going through its seasonal fluctuations.

He noted the figures recently produced by the Land Registry - which showed property prices increased by 0.6 per cent during October - were still down year-on-year.

In addition, Mr Amstell predicted that December's figures will be "dismal".

He remarked: "We still have major problems in the economy and that is not going to be over for a while yet.

"We are going to stay in the recession that we are in. I don't see us coming out of it for a long time."

Meanwhile, Assetz predicted this month that property values will increase by five per cent next year, in news that could interest first-time buyers.
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