UK Property Market Not Set for Spring Boost, Analyst Claims

Current global economic conditions mean that it is highly unlikely that there will be any significant improvements in the property market in the near future. This is the opinion of Liam Bailey, head of residential research at Knight Frank....

Current global economic conditions mean that it is highly unlikely that there will be any significant improvements in the property market in the near future. This is the opinion of Liam Bailey, head of residential research at Knight Frank.

The market analyst said that although spring normally brings with it a rise in demand for property, it is not expected to lead to a housing market "surge" in the coming year.

"It should be fairly healthy for the next couple of months, but I don't think it is the beginning of any surge in demand particularly. I don't think the economic conditions are right at the moment for a big up-tick in sales volume," Mr Bailey added.

The comments follow the latest report from Rightmove, which revealed that the proportion of people expecting prices to fall over the next year has dropped from 32.3 per cent in the first quarter of the year to 24.9 per cent in the second quarter.

Indeed, this more positive outlook was reaffirmed by research from Lloyds TSB which found that the number of million pound home sales in the UK has risen at its fastest rate since 2006.

- Friday 06 May 2011

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