UK property market ‘could peak in 2011’

A property expert has said the rate at which the UK housing market is recovering could lead to prices reaching their peak level 18 months from now.

House prices could be back at peak levels as soon as the spring of 2011, it has been suggested.

Chief executive at property company Assetz Stuart Law commented that such an outcome may be the result of a continuation of recent trends in values as the market emerges from the slump.

“If it carries on at the rate we’ve been seeing for the last six months then prices will be back to their peak [in] 18 months time,” he remarked.

Mr Law said it was “a very positive sign” that gross mortgage lending increased in September, based on the Council of Mortgage Lenders (CML) figures.

These revealed that there was a two per cent rise in the amount lent compared to August, up from £12.3 billion to £12.5 billion.

Over the three months to September the total gross amount of homeowner loans supplied was 18 per cent up on the previous quarter.

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