Property prices to drop for further six months

Posted: 30 Oct 2008 13:06:33 GMT

House prices will continue to fall for the next six months before bottoming out, it has been claimed.

According to FirstRungNow.com, an organisation dedicated to helping first-time buyers onto the property ladder, the housing market could begin to pick up a little by next spring.

Helen Adams, managing director of the company, suggested that it is extremely hard to guess the course that the market will take, but forecast that most people will hold off buying for the next six months as they wait to see how far prices fall.

"We can't predict it but what we have got are indicators that things are at a bit of a crisis point in the UK at the moment," she said.

Ms Adams went on to explain that measures are being taken to reduce the effects of possible recession but claimed that the effects would not be particularly-short term.

Earlier this month, the Royal Institution of Chartered Surveyors claimed that its members were selling less than one property a week during September.

In the three months to September, the average number of transactions per surveyor stood at 11.5, its lowest level since records began in 1978.

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