Property market 'set to bounce back'
The UK property market could be set to rebound powerfully in 2009,
it has been suggested.
Looking ahead to next year, National Association of Estate Agents
(NAEA) chief executive Peter Bolton King commented: "It seems
possible to me that once the recovery begins, we could see a bounce
as pronounced as the fall," noting that the market appears to have
already bottomed out in some locations, with some NAEA members
seeing a rise in buyer enquiries.
The key factors needed to bring about a recovery are an increase in
mortgage lending, the passing on of base rate cuts and a rise in
consumer confidence, he suggested.
A recovery in transaction numbers in 2009 has also been predicted
by the Royal Institution of Chartered Surveyors.
It stated that a bottoming of the market may be indicated by its
own recent studies and this could develop into a ten per cent rise
in transactions next year.