Predictions as to when the housing market will recover
Dec 12th, 2008 | By admin | Category: Lead Story, property newsAt the moment the UK is currently seeing £80 per day being wiped off the value of the average property. Even with falling interest rates there still seems to be no indication that this will stop any time soon. Prices have fallen anywhere between 10-16% in the last year and uncertainty continues as to when the fall is going to cease.
Property experts are undecided as to when property market recovery is likely. An estimated 35% will be wiped off the average house price with average house price values falling to around £149,000 next autumn. The Centre for Economics and Business Research (CEBR) estimate house prices will not reach the peak levels of 2007 until probably 2013.
Savills, the estate agency, expects falls to continue throughout 2009 before a return to health in 2011. They expect London and the South East to lead the way but estimate 2007 levels will not be seen by the whole country until way off in 2018, with Northern Ireland the last area to recover.
Knight Frank thinks we are roughly halfway through a 30% decline in prices and that house prices will hit rock bottom in early 2010. They too think Northern Ireland will be the last part of Britain to fully recover and not until 2019.
Howard Wheeldon, senior strategist at BCG Partners believes we could see are an increase in sales as early as Q2 2009. This may well happen based on the findings from our article Property Market Attracts Bargain Hunters
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