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House prices 'to stop falling within a year'
08 July 2008
A significant number of estate agents have predicted that house prices will stop falling within 12 months, according to Abbey.
Research by Abbey revealed that 61 per cent of estate agents expect house price falls to stop within a year while in a study of 688 homeowners it was discovered that none thought house price falls would last longer than a year.
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."
Only two per cent of estate agents thought that declining house prices would last for longer than three years, according to the research.
"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," said Mr Cliff.
According to the Royal Institution of Chartered Surveyors (Rics) house sales could fall by as much as 40 per cent this year.
