When will the UK property market recover?
Experts, analysts, forecasters, crystal ball gazers – call them what you will, the pundits are all laying different odds on when the property market will return to the peak levels of 2007. Most predictions agree that the recovery will begin in 2010, but the Centre for Economics and Business Research argues that levels won’t return to their previous heights until 2013, while Capital Economics predicts prices will fall by 35 per cent which could take a long time to recover from. Estate agents are not expecting house prices to return to their peak levels until 2018/19.
Are Property sales still falling
Property sales fell further in November, according to the latest figures from the Royal Institution of Chartered Surveyors (RICS). The number of sales per estate agent fell during the three months to November to an average of 10.6, down from 10.9 a month ago, the lowest level since it began its survey in 1978. However, CML said there was some light at the end of the tunnel as interest among potential buyers had risen for the seventh month in a row and was now positive for the first time since October 2006 – with a 14 per cent increase in the number of buyer enquiries.