There are still bargains to be had say Property Market experts.
City traders are predicting house price falls of just 7% this year with the
worst of the property market downturn behind us, report The Times June 19th.
Brokers are urging buyers to snap up a bargain before mortgage rates and
property market rise. Rob Atkin of Tullett Prebon said:
“We’ve seen more property buyers are willing to bet that the Halifax index
will not fall as far as the property market was suggesting three months ago.
And with derivative prices suggesting the low point to be sometime next
year, the worst may very well be behind us.”
Property Market prices will trough in December 2010 and will not recover to
today’s levels until 2016.
Capital Economics, the consultancy, last week improved its forecast for the
British property market. It now expects prices to fall 10% this year,
compared with a previous prediction of a 20% decline. It has also changed
its forecast for 2010 from a fall of 10% to one of between 5% and 7%.
Ed Stansfield, one of its economists, said:
“It seems likely that, from here on in, house prices will fall more slowly than they did last year. As for 2011, the outlook is even more uncertain. But the house-price-to-earnings ratio is still likely to be above its average over the long term”
“So, unless the recovery is strong enough to generate a rise in incomes, we
would not rule out a further fall, of perhaps 5%, in nominal house prices.”
IHS Global Insight, another City forecaster, said its prediction for a 10%
fall this year looked overly pessimistic, while George Buckley, economist at
Deutsche Bank, also said the pace of declines expected this year could slow.
Stephen Noakes of Lloyds said:
“I think we will see about only 10% to 12% falls this year. For the first time people are thinking that the property market will increase over the next 12 months.”
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