Housing market 'will take years to recover'

Posted by Emily Swanson

The British housing market may not return to a state of strong health in the near future as economic pressures continue to affect the industry, an expert believes.

According to Selwyn Lim, director of Mouseprice, it is likely to take a "few more years" before the sector is running at the same level it did prior to the onset of the global financial downturn.

Mr Lim explained that the market could follow the pattern set during the last recession in the late 1980s and early 1990s, when it took a "seven or eight year" timeframe before strong price expansion was experienced.

Earlier this week (December 19th), the National Association of Estate Agents predicted that 2012 will witness a "gradual" recovery in the property sector as conditions continue to improve slowly.

However, the Mouseprice official urged people not to get "carried away" with such estimations, as they may not turn out to be true. ADNFCR-2353-ID-801245841-ADNFCR

21/12/2011 11:46

News category: Property

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