26 Jan

Recession 'will not put people off wanting to own homes'

Recession 'will not put people off wanting to own homes'

The recession will not change the way the British public feel about their homes, one industry expert has stated.

Timothy Lambert, head of consulting at Ducalian, commented that the UK is a nation of homeowners and the problems experienced during the economic downturn will not change that.

"I don't think it will put people off buying property," he said.

"Whilst people are negative now, memory is short and people will be positive again soon with the recession a distant memory," Mr Lambert added.

He also noted that many potential homeowners are returning to the rental market and attempting to save a deposit to enable them to buy a property once the country moves out of recession.

According to data released by the Land Registry on December 30th, the average UK house price stood at £161,554 in November.

The organisation revealed that, while this represented a 0.9 per cent increase compared with November, prices around the country fell by an average of 0.3 per cent during 2009.ADNFCR-1222-ID-19577737-ADNFCR

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