House price to reach rock bottom in 2009
The SBE (Society of Business Economists) has predicted that UK property prices will fall by up to 10% during 2008 and reach rock bottom in 2009 losing up to 20% of their value. They did however predict that prices would then get back to peak values seen in 2007 and start rising from that point onwards. However this may take up to 4 years….
UK estate agents saw an all time low of sales during May 2008.
With no end in sight to the Credit Crunch there will be no quick ‘ Bounce Back’ effect and people appear to be waiting out the situation rather than bucking the trend.
The Bank Of England has lowered and retained the mortgage rate in recent months at 5%, while this has not been passed onto the borrower by all lenders. This does not seem to have a very beneficient effect on the Uk housing market
This may be the time to either reduce the price of your home or indeed to wait out the next period and see what happens in the UK property market.