Nicholas Ayre, of property website Home Fusion, however, said to think the NewBuy scheme will rescue the property market ‘is blissfully naive’ when the problems are structural. He added that the volatility we’re seeing from month to month is a result of a lack of transactions.
Nicholas Ayre, director of property search website Home Fusion, meanwhile, said: ‘A glaring lack of stock and low interest rates are keeping prices high, despite anaemic demand. Once supply and interest rates return to normal levels, or if the economy deteriorates, prices will come under real pressure.
Nicholas Ayre, director of property website Home Fusion, said: ‘There is still a disparity between house prices and the economy’.
‘The main house price indices seem to be showing small incremental price rises which are incongruous given the state of the domestic and global economy,’ he said. ‘What is actually being seen on the ground is a stagnation in prices, a property market ambling along with very little direction, which could unravel in spectacular fashion if global forces take hold’.
‘Prices in London, where supply is tight and demand relatively strong, are the polar opposite to those in Wales and Northern Ireland,’ said Nicholas Ayre, director, UK buying agent Home Fusion.
‘The property market, very clearly, has fragmented into a series of micro-markets. It could be many years before we see the return of a property market that trends at a national level,’ he added.