8 Jul

Abbey: Estate agents see end to price drops within a year

Abbey: Estate agents see end to price drops within a year

New research from Abbey has found that 61 per cent of estate agents think that house prices will stabilise in the next 12 months.

Homeowners are more optimistic, with those surveyed by the bank giving an average timeframe of seven months for the falls to halt and no one thinking the current situation will last more than a year.

Of the estate agents who believe declines in property values will stop in the next year, 30 per cent think this will only take six months. However, 28 per cent of those polled suggested that it could take between one and two years.

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."

According to Nationwide's data, property prices fell by 0.9 per cent in June, less than half the rate of the previous month.
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