3 Nov

Recovery of housing market 'will start in 2010'

Recovery of housing market 'will start in 2010'

The "real recovery" of the housing market will begin in 2010, according to one expert from a property advertising website.

Improved confidence throughout the market will help drive it forwards, Jane Marr, company director at the Little House Company, said.

"It seems that 2010 will be the start of a real recovery for the UK housing market once confidence from both sellers and buyers returns," she commented.

Ms Marr noted that although average property values increased in October - Nationwide reported a 0.4 per cent rise in house prices last month - this was due to a lack of availability, with demand outweighing supply, rather than a sign of a significant upward trend.

She cautioned that the imbalance in supply and demand had led to a "false start" in the property industry's recovery, adding that when sellers as well as buyers return to the market, prices may stabilise or even fall slightly.

Buyers are looking for bargains and, according to Ms Marr, they may be prepared to wait until next year if it means they can save some money.
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