Buyers expect down-turn to last up to two years


Mon 23rd Jun, 09:32:30 BST

Buyers expect the slump in the UK housing market to last between one and two years, according to an online consumer poll.

A fifth of those questioned in the FindaProperty.com survey said they expected the down-turn to last even longer.

When asked how much the average property price would fall by, 26 per cent said five to ten per cent, a third thought they would slump by ten to 15 per cent and nearly a quarter said they would drop by 15 to 20 per cent.

And more than one in ten expects property prices to fall even further in the next two years.

Despite the gloomy short-term picture, more than half expect property prices to rise above their 2007 peak in the next five years.

Michael O''Flynn, content editor for FindaProperty.com, said: "Most think prices will be more expensive five years from now, which suggests people still have faith in the housing market and view it as a good investment."

According to a survey by ITV''s Tonight programme, 62 per cent of economists think house prices will take more than four years to rise above their 2007 peak.
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