29 Dec

Property market 'set to bounce back'

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.

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