A property bounce as pronounced as the fall?
In their predictions for the year to come the National Association of Estate Agents (NAEA) have announced that in order for some stability to amount in the property industry this year three things need to happen.
Speaking in January, Chief Executive Peter Bolton-King said that firstly, with the recent cash injection into the banks, major lenders must begin to make money available to potential buyers. Secondly he believes that cuts in interest rates must be passed on to the market and lastly, consumers and the British press must begin to recover confidence in the state of the housing market.
Whilst these events may seem a case of easier said than done, Mr Bolton-King was still adamant that 2009 was likely to be the year the recovery begins. He further suggested that, in some of the markets, the bounce back could be as dramatic as the fall it will follow.
“The UK hasn’t seen that kind of fall in such a short period of time ever before. However, it is also clear that parts of the market are perhaps beginning to bottom out and it seems possible to me that once the recovery begins we could see a bounce as pronounced as the fall”.
Jonathan Waters, owner and Managing Director of Jonathan Waters Estate Agents with two offices in the Ipswich area, agrees with Mr Bolton-King. “We will see a recovery this year”.
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