Property market 'could recover in 18 months'
If the housing market continues to grow at the same rate which has been recorded over the last six months, it will still be 18 months before it is fully recovered, one sector commentator has predicted.
Stuart Law, chief executive at Assetz, said: "I would expect that [recovery] would probably take around 18 months or thereabouts, [if the housing market grows] at its current rate."
Such comments may mean that Britons wish to look for flats to rent in Eltham or another part of London, rather than waiting for the market to recover to the point where buying becomes a reality.
Mr Law added that in addition, current mortgage lending numbers are not as positive as they were in 2007 due to the reduced availability of low deposit mortgages.
However, such borrowing may be improving, after the Council of Mortgage Lenders revealed gross mortgage lending totalled an estimated £12.5 billion in September, a two per cent rise from the £12.3 billion recorded in August, but down 27 per cent from September 2008.
Written by Andy Britten
Published 21st October, 2009
© 2009 Estates IT Limited
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