Insurance News Archive

Housing market will 'plateau' in new year

People looking for a change in 2009 will help to breathe life into the property market, an expert has claimed.

Luke Bennett, founder and managing director of SW19, says people alter their perceptions coming out of Christmas and at the start of a new year and decide they want to do new things, like moving house.

"They don't want to be staying in the same house as they did last year… [so] the market spurs on again, the same way as it always does everywhere when we hit spring," he affirms.

Mr Bennett says that although the housing market is currently in a trough, it will "plateau" at the start of 2009.

Building society Nationwide reports that house prices fell by 0.4 per cent last month, compared to a 1.3 per cent decline in September.

Overall prices have decreased by 13.9 per cent in the last year to an average £158,442 in November.

30 Dec 2008