24 Aug

Worst of property downturn 'behind us'

Worst of property downturn 'behind us'

The worst of the property downturn now appears to be over, if the comments of one property expert are to be believed.

Selwyn Lim, director of Mouseprice.com, said that there has recently been a slight upturn in the property market, with various industries reporting more positive news.

His comments follow the release of a statement from Bovis Homes, which reveals that the group remains cautious in its expectations on pricing in the short term, given the continuing challenges of unemployment and a potential increase in the supply of properties for sale in the second-hand market.

"There are quite a few pessimists out there who believe we are going to have a double-dip recession, where this upturn in the stock markets and the housing markets is temporary," he stated.

"It does remain to be seen."

He added that unemployment is one of the lagging economic indicators with regards to economic cycles, which may mean that its impact has not yet been felt.

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