UK Money News
8th July 2008
Brits expect house price decline to be short-lived
The majority of homeowners and estate agents expect house price falls to be short-lived, a new survey has found.
In a poll conducted by Abbey, 61 per cent of estate agents quizzed said that they anticipate that the downturn in the market will be over within 12 months.
Homeowners were even more optimistic and predicted that the slump will last just seven months.
Phil Cliff, director of Abbey Mortgages, said: "Estate agents and homeowners believe that, despite current movements in house prices, we are unlikely to experience a really prolonged period of house price falls.
"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."
A report from research organisation Capital Economics predicted that UK house prices will fall by between 15 per cent and 20 per cent by the end of 2008.
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