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Britain's property market 'not home and dry yet'
08 Jun 2009
The recent positive signs in the property market are a good indicator but the market is not yet at its bottom, one expert stated.
David Amstell, founder of online property website Briffy.com, said the recent rise in values may be due to seasonal alterations and added that at this time of year more people show an interest in moving.
"The market is more buoyant between now and September or October, historically," he added.
His comments follow the Hometrack report in June which showed the average property price in May was £155,600, the first time for 20 months that a month-on-month fall has not occurred.
Mr Amstell stated that the reduction in Bank of England interest rates has yet to be fully reflected in mortgage rates, adding that the interbank rate still stands at around 2.5 per cent.
He added that we are "not out of the doldrums yet" and we will see the effects of big companies going out of business in the coming months.
