It is likely to take over a decade for the housing market to recover from its current problems, it has been suggested.
Chief executive of Firstrung Paul Holmes has stated that the property sector will continue to be a buyers’ market for some time to come.
“I think the recovery of house prices, if you can call it such a thing, will take 15 years because average wages have to catch up to house prices,” he commented.
Mr Holmes said his prediction is based on previous peaks and troughs in property values and added that in the next five years, house prices could correct by 30 per cent.
The market is being affected by the reduction in the availability of cheap credit and
According to the latest Nationwide house price survey, the value of property is 4.4 per cent lower than last year.
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