23 Jun

Property buyers predict downturn will last 1-2 years

Property buyers predict downturn will last 1-2 years

A new survey of UK property buyers has revealed that most believe the current downturn will last between one and two years.

The FindaProperty.com poll found that 33 per cent of buyers think the slump in house prices and transactions will last one year, with a similar number positing two years.

Meanwhile, 20 per cent of respondents predicted that the downturn will last for a longer period.

In terms of how far house prices will fall from their 2007 peak, a quarter forecast a dip of five to ten per cent, 33 per cent anticipated a drop of ten to 15 per cent, while 24 per cent thought prices will fall by 15 to 20 per cent.

Michael O'Flynn, content editor for FindaProperty.com, commented:" Buyers are confident about the medium to long-term picture."

"Most think prices will be more expensive five years from now, which suggests people still have faith in the housing market and view it as a good investment," he added.

A recent survey of first-time buyers from SmartNewHomes.com also suggested that consumer confidence remains resilient, with only 13 per cent of respondents saying they would be put off buying a property due to the current financial climate.
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