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Homeowners 'optimistic' on long-term house prices
8.07.2008
No homeowners believe house prices will continue to decline for more than 12 months, according to a survey.
However, 28 per cent of estate agents expect further house price falls for one to two years, research from the Abbey suggests.
In what may be a sign of some confidence in a recovery for the housing and mortgage markets, it finds homeowners on average think house prices will stop falling in seven months.
Phil Cliff, director of Abbey Mortgages, points out a general feeling among estate agents and homeowners that we are unlikely to experience a particularly prolonged period of decreasing house prices.
He adds: "While this is light at the end of the tunnel, it implies that estate agents and homeowners are bracing themselves for further falls in the very near future."
The Council of Mortgage Lenders recently said there are few signs of wider mortgage availability following the credit crunch.
It added the current "paralysis" of wholesale mortgage funding markets is pushing up mortgage costs for consumers.
However, 28 per cent of estate agents expect further house price falls for one to two years, research from the Abbey suggests.
In what may be a sign of some confidence in a recovery for the housing and mortgage markets, it finds homeowners on average think house prices will stop falling in seven months.
Phil Cliff, director of Abbey Mortgages, points out a general feeling among estate agents and homeowners that we are unlikely to experience a particularly prolonged period of decreasing house prices.
He adds: "While this is light at the end of the tunnel, it implies that estate agents and homeowners are bracing themselves for further falls in the very near future."
The Council of Mortgage Lenders recently said there are few signs of wider mortgage availability following the credit crunch.
It added the current "paralysis" of wholesale mortgage funding markets is pushing up mortgage costs for consumers.