Property market will take a "long time" to recover
Property professionals
25th March 2009
The UK property market will take a long time to emerge from its present downturn, it has been claimed.
According to Paul Homes, chief executive of the property company Firstrung, said there is always a slow return to normality when house prices collapse.
He commented: "It doesn't turn around in a month; this market turned in about August 2008 when it started to get very nasty and it is going to continue that way for a long time."
Recent research by Halifax found that UK house prices fell by 2.3 per cent last month and by more than 17 per cent over the previous 12 months.
Property prices now stand at a similar level to those last seen in August 2004.
Norwich Union has also announced that homeowners are leaving themselves vulnerable to large costs by not insuring their properties for the total reinstatement value.
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