4 Aug

House prices 'may have hit floor already'

House prices 'may have hit floor already'

Predictions of more house prices falls may be overblown because the market could have already hit its floor, an estate agent has suggested.

Simon Agace, chief executive of Winkworth, told Citywire that a combination of low prices and reductions negotiated by buyers had led to prices coming down by 15 to 20 per cent and sometimes more in some areas.

He stated: "The transactional level may have just about reached the bottom, so things could soon be on the up."

The current situation may be like that of the 1970s during the oil crisis, which was followed by a recovery led by wealthy foreign buyers.

However, if house prices do fall this will be a good thing, Capital Economics managing director Roger Bootle has told the Daily Telegraph.

He argued that homes have been overpriced and such a trend will be good news in terms of affordability.

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