Property market 'will struggle'

Posted: 17 Sep 2010 10:18:10 GMT

The property market will continue to struggle for some time, one expert has observed.

Head of investment management at London Central Portfolio Hugh Best said the growing uncertainty surrounding a possible double-dip recession is contributing to the difficult conditions.

According to figures from the Chartered Institute of Surveyors, property prices in London fell for the first time this year, with 14 per cent more chartered surveyors reporting a fall in prices rather than a rise.

Mr Best explained the figures contain data on 33 boroughs and more than 7.5 million residents - more than 15 per cent of the national population.

"As such, it is more closely aligned to the national housing market than it is to the prime London central investment market," he remarked.

The UK market is tied to the state of the UK economy and the accessibility of mortgage and employments levels affect the housing sector, Mr Best added.
 

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