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House Prices Will Stop Falling |
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(8th July 2008)
Homeowners and estate agents can see light at the end of the tunnel as falling house prices are deemed to be temporary, according to new research.
Abbey has said that homeowners expect prices to stop falling within seven months and no homeowners expect the house price decline to continue for more than 12 months, despite rumours of an impending recession in the UK.
But the majority of homeowners – 79 per cent – are prepared to stay put until the economic situation starts to improve.
Seven per cent of those surveyed by the leading lender, would happily sell their home and take out a mortgage on a bigger home.
Phil Cliff, director of Abbey Mortgages, comments: "Estate agents and homeowners believe that, despite current movements in house prices, we are unlikely to experience a really prolonged period of house price falls."
"A very small minority think [the decline] will last longer than two - three years," he added.
According to the Council of Mortgage Lenders, recovery in the home loans market "is still some way away" despite falling house prices.
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