House prices will stop falling within a year
According to new research from Abbey Mortgages 61 per cent of Estate Agents expect house prices to stop falling within the next year. 28 per cent of estate agents think it will be more like 1 or 2 years before we see a halt in the tubling of house prices.
This is very different compared to the thoughts of most homeowners, who think that house prices will stop falling in the next 7 months and that there is no way house price falls will last longer than a year.
Director of Abbey Mortgages, Phil Cliff, 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. Most think the period of decline will be over within a year and a very small minority think it will last longer than 2-3 years. While this is ‘light at the end of the tunnel’, it implies that estate agents and homeowners are bracing themselves for further falls in the very near future.”
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July 8th, 2008 at 5:58 pm
We are certainly going to see some major shifts over the next six months but I feel the main victims of repossession will be the homeowners who have overreached and stretched their financial commitments further than their incomes truly allow. Not all is doom and gloom however: some industries can only gather momentum during this recession and I am retraining from teaching to the construction trade in order to maximise my earning potential and safeguard my income this year ahead.