Insurance News Archive
Property insurance holders 'will not see recovery soon'
Posted by Jonathan Walker
Property insurance policyholders will continue to see the market decline in the near future as the economy is still being hit hard, according to an expert.
David Amstell, spokesperson for online property website Briffy.com, said that price levels are still being affected by the downturn and this is unlikely to change.
"There doesn't seem to be any catalyst out there to encourage the market to do anything other than go down at the moment, and I'm not quite sure what it would take for that to happen," he explained.
Mr Amstell suggested that property insurance policyholders are still being cautious following years of indulging in a materialistic attitude and being encouraged to "buy what they want".
He described the current situation as a vicious circle, saying that the collapse of businesses is continuing to affect commercial investors.
The latest Rightmove house price index shows that the amount sellers are requesting for their properties has fallen by 2.2 per cent this month.
22 Dec 2009
