4 Aug

Property market will "really start to improve" in 2010

Property market will "really start to improve" in 2010

The property market will experience substantial improvements next year, according to a mortgages expert.

Despite the National Housing Federation's predictions this week that house prices will not stabilise until 2011, Peter O'Donovan, head of mortgages at Bestinvest, suggested that people will be more optimistic next year when positive changes in the market become noticeable.

According to the federation's report, house prices will fall by 12.2 per cent this year and decline a further 4.6 per cent next year before stabilising in 2011 with a 1.1 per cent rise.

But Mr O'Donovan is unconvinced by the findings.

"I think two years is a bit too long," he said

"I think certainly over the next few months continued increases will bring a lot more confidence and a more optimistic view of when things will really start to change."

He added that both the Nationwide index and the Land Registry results, which both gave healthy indications, supported his claims.

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