House price recovery 'years away'
House prices will not return to the levels seen in 2007 for at least four more years, one new report has suggested.
People looking for property for sale in London have already deserted the market, with the latest report from the Royal Institution of Chartered Surveyors finding that home sales are at their lowest level in 30 years.
And now for anyone who has been wondering when they can rekindle hopes of getting on the housing ladder, a new industry poll has found that few professionals see a recovery in the short-term.
Some 60 per cent of Society of Business Economists (SBE) members surveyed for ITV1's Tonight programme said house prices will stay depressed for four more years, with the market widely predicting a price correction of up to 20 per cent.
"It doesn't look like we're going to see a fall - which is what we're in the middle of - and a quick bounce back," commented SBE chairman Bronwyn Curtis. "It does look as though it's going to go on, and we'll have slow growth for some time."
Recent figures from Halifax showed the average price of a house fell again in May - down for the eighth consecutive month.
Published 16th June, 2008
© 2008 Estates IT Limited
London Rental Property News By London Borough / Category
Latest London Property News Headlines
Streatham town centre to be improved by BID?
Major improvements could be made to Streatham town centre thanks to a new business partnership.
Read Article ... Published on 25th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Olympic infrastructure 'to drive east London house market'
The infrastructure created by the Olympics will see the east London property market become more popular.
Read Article ... Published on 24th May, 2012
Barking Splash Park opens this weekend
Barking Splash Park will be free to use this weekend (May 25th-27th) to mark its opening.
Read Article ... Published on 24th May, 2012
Southwark estates to get cheaper energy bills
Residents in Southwark can look forward to cheaper energy bills thanks to the creation of a new underground green network.
Read Article ... Published on 23rd May, 2012
Enfield £1.3bn masterplan unveiled
A masterplan has been unveiled that will see a 200-acre site in Enfield regenerated as part of a £1.3 billion plan.
Read Article ... Published on 23rd May, 2012
Londoners encouraged to grow their own fruit and veg
People in London are being encouraged to grow their own fruit and vegetables.
Read Article ... Published on 22nd May, 2012
Merton 'embraces green improvements'
Merton is now a cleaner, greener location to live in thanks to the implementation of the Wandle Valley Low Carbon Zone (LCZ).
Read Article ... Published on 22nd May, 2012
London house prices rise by 1,782% in past 35 years
London house prices have increased by 1,782 per cent in the last 35 years.
Read Article ... Published on 21st May, 2012
Poplar's Chrisp Street to get £100m regeneration
Some £100 million is to be spent regenerating the Chrisp Street area of Poplar in Tower Hamlets.
Read Article ... Published on 21st May, 2012
House prices will not return to the levels seen in 2007 for at least four more years, one new report has suggested.