Property market 'unlikely to recover soon'
The UK property market's struggles have been predicted to continue for a long time to come.
Paul Holmes, chief executive of first-time buyer specialist Firstrung, suggested that any recovery is only likely to take place over an extended period.
As such, those looking for property in Clapham may prefer to rent a house or flat rather than buy, in order to avoid the possibility of negative equity.
Figures from Halifax have revealed that the value of the average UK home has fallen by nearly 18 per cent over the course of the last year, with a 2.3 per cent dip in February
And with levels now equivalent to those of August 2004, Mr Holmes explained that any recovery is unlikely to take place soon.
"It doesn't turn around in a month; this market turned in about August 2008 when it started to get very nasty and it is going to continue that way for a long time," he remarked.
Published 26th March, 2009
© 2009 Estates IT Limited
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The UK property market's struggles have been predicted to continue for a long time to come.