House prices will 'stop falling within 12 months'

Posted: 10 Jul 2008 13:19:48 GMT

House prices will stop falling within 12 months according to the majority of estate agents who were questioned about the state of the housing market.

House prices will stop falling within 12 months according to the majority of estate agents who were questioned about the state of the housing market.

The research carried out by Abbey found that 61 per cent of estate agents believed prices would re-adjust within a year, whilst most homeowners expected stability in the market within seven months.

Phil Cliff, Director of Abbey Mortgages, commented: "Estate agents and homeowners believe that, despite current movements in house prices, we are unlikely to experience a really prolonged period of house price falls."

No homeowners believed house price declines would last longer than 12 months and seven per cent of those questioned are keen to move now to take advantage of drops in the value of property.

Homeowners that are keen to move in the next 12 months want to do so to "snap up a bargain" and move to a bigger home or sell their home now and move to rented accommodation for a brief period.

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