House price slump will slow in 2009
News Category: Industry News
Published: 12-Dec-2008
This article was brought to you by Rentman the premium rent management software.
Letting agents should expect house price falls to moderate in the latter part of 2009, it has been suggested.
According to Howard Wheeldon, senior strategist at BCG Partners, signs of recovery will start to emerge in the second quarter of 2009, reports the Times.
However, full recovery to the house price levels seen at the market's peak last year might not occur until 2013, according to Centre for Economics and Business Research data cited in the article.
Capital Economics, known for offering a more "gloomy outlook", has predicted values to fall by 35 per cent next year, thew news provider said.
The challenging economic climate could see more estate agents setting up letting agencies to take advantage of higher demand for rental accommodation from tenants who cannot afford to buy their own homes.
An NLA survey published this week showed that 71 per cent of landlords expect to see more tenants fall behind on their rent payments during 2009.
This could prompt buy to let mortgage holders to make sure they have insurance.
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