London property is expected to be the first to return to pre-recession levels.
Property prices all over the country have been hit by first the credit crunch and then the recession, and whilst most of the world?s major economies have dragged themselves out of recession, the UK continues to be dogged by recessionary stagnation.
Despite the continued gloom, it is widely predicted that the UK will emerge in the fourth quarter from the recession to break back into positive economic growth.
Ahead of this, there has been an assertion that Central London property prices could rise to pre-credit crunch levels as early as next year. Chief executive officer at London Central Portfolio, Naomi Heaton said that prices in the centre of the capital are only likely to continue to increase, reported rentals website Net-lettings.co.uk
Ms Heaton said: ?Even if there are peaks and troughs, even if there is a double dip next year, prices in Central London will in the long-term go up and our view is we will see pre-credit crunch prices by 2010.?
This is an optimistic point of view, with many commentators remaining very cautious despite the recent rise in house prices across the country, and especially in the South East.
Ms Heaton said that it was inevitable that Central London has been affected by the downturn, and would be further affected if there was another financial crisis, but that the capital had been typically robust.
She also said that although winter was a good time to bag a property bargain, there was not much stock currently on the market.
