Jones Lang Le Salle has forecast that the UK property market recovery will begin in 2011. Some domestic pundits predict it could even be earlier than that.
To be honest I don’t think anybody knows when prices will recover. We all have an opinion and this is their opinion.
Citing the effort the government is putting into making mortgages available and affordable and the increase in buyer activity these people are saying there could be as much as a 5-7% property price growth by the end of 2010.
These people seem to think that the problem in the market at the moment is a slight gap between what buyers are willing to pay and sellers are willing to accept.
They think this gap is sure to close as people who have been forced into the landlord business get sick of the demands on their time and lower their price expectations.
Also people who have waited and waited for the fall to bottom out may decide to bite the bullet and take what is on offer. If this was to happen it would spark a growth.
I am not sure either way, on the one hand the first prediction seems a little pessimistic but the second may be case of wishful thinking. We can only hope not.
