Estate agents: House prices will stop falling by 2009

Sixty one per cent of estate agents now believe that house prices will stop falling within 12 months, according to new research.

The survey, conducted by Abbey mortgages, found that homeowners were more optimistic about the length of decline - with the average consumer speculating that the prices will stop falling in seven months time.

A further 30 per cent of estate agents believe prices for UK property will stabilise by six months time, while seven per cent of homeowners plan to take advantage of the current market conditions by snapping up a bargain.

Phil Cliff, director of Abbey Mortgages, believes that these results show that both estate agents and homeowners think UK property price falls will not be prolonged much further.

He said: "While this is 'light at the end of the tunnel', it implies that estate agents and homeowners are bracing themselves for further falls in the very near future."

Figures in the housing industry yesterday (July 7th) called for more government action to aid the property markets.

House Prices News posted on 08/07/2008 10:07:09