2009 A Key Year For UK Property Market.

 

Next year could be a key year for the UK property sector according to one of the industries most influential figures.

 

Peter Bolton King, Chief Executive of the highly influential National Association of Estate Agents, stated that following 12 months of bad news and negative publicity for the UK property market, 2009 could be the year in which the long awaited UK property recovery starts.

 

King went on to say that in order for the recovery to start, three crucial things needed to happen. Firstly, consumers needed to regain the lost confidence in the UK property market, which has been gradually eroded over the course of the past twelve months. Secondly, major high street lenders needed to start passing on interest rate cuts to consumers, which despite some movement, was still not at the desired levels needed to restore confidence ‘en masse.’ Finally, the major lenders needed to start making money and mortgages more available to consumers on the UK high street.

 

King however warned that 2009 could also see more bad news for the UK property market if the government and major mortgage providers did not make mortgages more available to customers in the coming twelve months.