10 Dec

Property markets 'need to stabilise'

Property markets 'need to stabilise'

Falling property prices are not necessarily a bad thing, one industry expert has claimed.

Christopher Chadd, head of research at Property Frontiers, commented the drop in house prices since last year is a positive step as it will allow the market to "correct and stabilise".

"Property markets are dictated by local supply and demand and if the local market is priced out […] then a market isn't sustainable," he said.

In terms of investment opportunities, Mr Chadd advised those with the cash available to plough into property to "take advantage of developers" who will be eager to take properties off their books.

Data released by Nationwide at the beginning of December revealed that house prices increased by 0.5 per cent in November compared with the previous month.

Average UK property values reached £162,764 at the end of November, up by more than £700 on October's figure.

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