20 Jul

NAEA: The property price drop is over

NAEA: The property price drop is over

Property prices in the UK are unlikely to fall to the levels experienced before the housing crash for at least half a decade.

This is the opinion of the National Association of estate Agents (NAEA), which claims that the only decline that may be experienced will be a "small percentage correction each month".

Although the pace of recovery may be fairly gradual, the organisation is optimistic and thinks the end of the "pressing and continued drop" has been reached.

Trevor Kent, a spokesperson for the NAEA, said: "What I do expect is a recovery in turnover, albeit at this new level of average prices. I don't expect 2008's prices to be reached again probably for five years".

Nationwide recently revealed that average house price increased by 0.9 per cent in June 2009, which represents the third house price rise in four months. This means that the average property now costs £156,442.

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