Expert: 2008 a year of turmoil for the UK property market

News Category: Marketing

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Nationwide chief economist Fionnuala Earley summed up 2008 as a "year of turmoil" for the UK property market.

Her view comes after statistics published by the building society earlier this month revealed that house prices fell by an average of £20,000 between December 2007 and the same month a year later - the lowest price average seen since 2005.

Ms Earley believes it is difficult to forecast the market for 2009, as conditions still remain "highly volatile".

The effect of the credit crunch on the property sector has driven more would-be homebuyers into renting - to the benefit of landlords and letting agents.

However, rising numbers of Britons also chose to rent out their properties rather than sell at distressed prices, which is flooding the rental market with properties and driving rental yields down in some areas.

Chris Jenkins, manager of commercial lenders Clarity Commercial, recently advised agents and landlords to "think creatively" - perhaps by offering incentives like free travel cards - to attract tenants.

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