Property predictions for 2009

In the midst of numerous reports predicting the house prices will take another nose-dive this year, there seems to be a glimmer of hope for the UK housing market.

According to the National Association of Estate Agents (NAEA), 2009 is likely to see the housing market bottom out towards the end of the year, with prices recovering and returning to their peak by 2013.

Chief Executive of NAEA, Peter Bolton King predicts that interest rates are likely to fall further, particularly in the first quarter of the year, and that ‘once recovery begins, we could see a bounce back as dramatic as the fall.'

However, Peter Bolton warns that if the banks and the Government do not make a major effort to increase the availability of mortgages to potential buyers, the market could remain grim in 2009.

For more information from NAEA visit http://www.naea.co.uk/

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