Recession to affect property market for "a long time"

Posted: 30 Nov 2009 10:18:31 GMT

The recession will affect the property market for "a long time", according to one industry expert.

David Amstell, founder of Briffy, says that he expects the UK to remain in recession for the foreseeable future as redundancies are still being made and companies continue to go out of business.

He attributes the recent rise in house price figures to seasonality and suggests that December will probably be "dismal" for the housing market.

Mr Amstell also goes on to state that there are no mortgage deals available as the price of borrowing is still expensive and the lack of reasonable home buyer loans will continue to hold the market down.

He advises: "The amount of sales that are going on are probably less than 50 per cent of what they were two or three years ago."

The average house price in England and Wales increased by 0.2 per cent in October according to the latest Land Registry figures.

However, prices are still down by 4.2 per cent compared to October 2008.

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