Recovery forecast for UK property market
Property professionals
7th August 2009
Britain's property market is likely to recover during 2010, an expert has predicted.
According to Peter O'Donovan, head of mortgages at Bestinvest, "house prices may well have started to bottom out" at the current level.
He predicted that 2010 will "probably be a more optimistic view to when things really start to improve".
Mr O'Donovan noted that the Nationwide property index has had three increases in a row, data supported by the Land Registry, adding that he expects continued increases over the coming few months.
His comments follow figures from the National Housing Federation indicating that the industry will not stabilise until 2011, with prices continuing to fall during 2009 and 2010.
The Bestinvest expert suggested that two years is "a bit too long", given current trends, for a property sector recovery.
However, the National Housing Federation also forecast a 20 per cent increase in average house prices in England to £227,800 in 2014, despite an expected fall of 12.2 per cent this year.
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