Market recovery 'unlikely' until year-end

Posted: 02 Feb 2009 08:38:53 GMT

New Star economist Simon Ward claimed that the UK economy has begun to stabilise but won't bottom out until the third quarter this year, suggesting to homeowners that their properties will continue to fall in price for the next six months.

"Detailed monetary statistics for December contain some glimmers of hope, suggesting the recession will hit bottom by the third quarter of 2009," Mr Ward said.

"In contrast to the US, however, UK monetary trends are not yet consistent with an economic recovery, in the sense of a return to trend growth or higher."

Homeowners hoping to sell a property at present will have already found that the market is firmly in favour of buyers, but that some areas of the market are experiencing rises in popularity.

The prime London and Home Counties market, for instance, has seen a rise in US and European interest this year, according to Hamptons International.

There are also some steps which can be taken to ensure a house is sold at its maximum current value.

Homeowners could list their home online, in order to attract more potential buyers and as such achieve more bids, potentially slowing the speed at which a property might be falling in value at present.



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