UK house prices 'will not grow at pre-credit crunch levels'

Posted: 18 Mar 2010 10:15:33 GMT

It is unlikely house prices will continue to grow at the rate seen before the global economic slowdown, one expert advises.

Stuart Law, chief executive of Assetz, says it is not practical for the housing market to maintain the levels of growth that were noted prior to the credit crunch and the recent slowing of the sector is to be expected.

His comments come in response to the latest property index published by Rightmove.com, which shows house prices have risen by just 0.1 per cent in the past month, marking the lowest rise ever to be recorded in March.

However, Mr Law states this is good news for first-time buyers who may be able to take advantage of low prices to get a foot onto the property ladder.

"[This is] one of the best times they'll ever have in their lifetime to buy again," he advises.

Nationwide recently revealed UK house prices fell by a month-on-month figure of one per cent in February. This was the first drop seen in the property market for nine months.

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