House prices could bottom out in six months, expert says
News Category: Industry News
Published: 03-Nov-2008
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A property expert has predicted that Britons will take a cautious approach towards the property market over the next six months as house prices continue to fall.
Helen Adams, managing director at FirstRungNow.com, said that house prices are likely to continue to fall over the next six months, but could bottom out and begin to recover next spring.
The trend could encourage more people into the private rented sector, or allow landlords the opportunity to add to their property portfolios.
Indeed, Ms Adams suggested that people are likely to be reluctant to take on mortgages in the current financial climate, with the threat of redundancies hanging over many workers.
She added: "There are measures being taken to reduce the effect of it but we don't know yet how much effect those will have so I think people will generally be quite conservative over the next six months."
Her comments come after Nationwide last week reported twelve consecutive months of falling price houses in the UK.
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