Property markets 'need to stabilise'
Falling property prices are not necessarily a bad thing, one
industry expert has claimed.
Christopher Chadd, head of research at Property Frontiers,
commented the drop in house prices since last year is a positive
step as it will allow the market to "correct and stabilise".
"Property markets are dictated by local supply and demand and if
the local market is priced out […] then a market isn't
sustainable," he said.
In terms of investment opportunities, Mr Chadd advised those with
the cash available to plough into property to "take advantage of
developers" who will be eager to take properties off their
Data released by Nationwide at the beginning of December revealed
that house prices increased by 0.5 per cent in November compared
with the previous month.
Average UK property values reached £162,764 at the end of
November, up by more than £700 on October's figure.