» Estate agents predictions for 2009

Agents hoping that the worst has passed

Article Published: 2nd January 2009

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Halifax figures showed the nation which way property prices were heading during the boom years, generally that went up. The Halifax’s latest figures reveal that the average property price in Britain reached £200,000 in August 2007 that same property would now be worth £164,000.

Halifax, along with the Nationwide, have decided to stop making any further predictions as to which way prices are heading during the next few months, the current market, they say, is too hard to predict.

Barclays believe that we are half way through the current difficulties; Legal & General say that property prices won’t recover to pre 2008/09 peaks for another decade.

Estate agents have equally set their stall out and are making their own predictions. Hamptons International say that property prices will continue to fall by a further 5% during 2009, this would be a total fall of 30% since the market began to slide, they think the residential market will bottom out in the first quarter of 2009.

Winkworth’s said they felt that the reduction of interest rates should see a halt to further house price devaluations.

All industry commentators agreed that the way to kick start the housing market was by making affordable mortgages readily available to home buyers as soon as possible.