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Make or break
The next twelve months could make or break the housing market,
according to new analysis...
Three things need to happen fast to start the recovery of
the housing market in 2009, says the National
Association of Estate Agents (NAEA).
Peter Bolton King, Chief Executive of the NAEA
has said his wish list for 2009 includes:
* Major lenders must begin to make money available to potential buyers
* Cuts in interest rates must be passed onto the market
* Consumers must begin to recover confidence in the state of the housing market
After a year of gloom in the housing market, Mr Bolton King said that 2009 is
likely to be the year the recovery begins. Interest rates are likely to fall
further, and house prices will bottom out, he predicted, adding that in some
markets, the bounce back could be as dramatic as the fall.
‘Officially house prices have come
down since their peak by around 13 per cent, but speaking to members it seems
clear that in some areas at least prices have come down by more than 20 per
cent.
‘However it is also clear that 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.'
He also warned that if changes do not come about then the market could stagnate
which would have dire implications not only for the thousands of people
employed in the profession but for the economy as a whole.
Source: Country Life
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