Experts say property price recovery is on the way

Dec 30 2008 by Katie Campling, Huddersfield Daily Examiner

PROPERTY market experts are predicting that 2009 could see the housing market in Huddersfield recover.

The National Association of Estate Agents believe the next 12 months will be ‘make or break’ for the market.

NAEA’s chief executive Peter Bolton King said a recovery could happen if major lenders make money more available to buyers; if mortgage companies pass on interest rate cuts and if consumer confidence in the market is boosted.

He predicts that interest rates are likely to fall further in the first quarter of 2009 and house prices could hit a low, then bounce back.

He said: “Parts of the market are perhaps beginning to bottom out and it seems possible to me that once the recovery begins, we could see a bounce as pronounced as the fall.

“Some people are beginning to cotton on to this – which is why our members are starting to see enquiries increase again, as people begin to believe they can find a bargain.”