“At best, the market will remain flat this year, at worst it is heading for further falls, especially in areas where unemployment is rising sharply,” said Nicholas Ayre, a director of Home Fusion buying agents.
“As ever, expect sharp variations from region to region. In the property market right now, the negatives far outweigh the positives and in some areas, especially those overly reliant on public sector jobs, there are very few positives at all.”
Nicholas Ayre, a director of buying agents Home Fusion, said: “The difference between the Nationwide’s positive growth in February and the near one per cent decline noted by the Halifax drives home the lack of direction in the housing market.
“This kind of uncertainty around price direction hugely undermines buyer confidence.”
Many economists predict house prices will dip this year as tight credit conditions and weak economic recovery deter buyers. Howard Archer, economist at IHS Global Insight, said: “Critical to the development of house prices will be the amount of houses coming on the market, mortgage availability, how well the economy and jobs hold up as the fiscal squeeze increasingly kicks in, and what happens with interest rates.”
Nicholas Ayre, a director of buying agents, Home Fusion, said:
“The difference between the Nationwide’s positive growth in February and the near one percent decline noted by the Halifax drives home the lack of direction in the housing market. There is huge uncertainty about where the market is now and where it is headed next.
“This kind of uncertainty around price direction hugely undermines buyer confidence.
“The trending down over three months does suggest the market overall is weakening. A 2% decrease overall during 2011 doesn’t seem too far off the mark but expect sharper falls in areas where unemployment is rising more sharply and some areas to prove far more resilient.
Nicholas Ayre, director of buying agents, Home Fusion, said the difference between the Nationwide’s positive growth in February and the near one percent decline noted by the Halifax drives home the lack of direction in the housing market.
He said: “There is huge uncertainty about where the market is now and where it is headed next.
“This kind of uncertainty around price direction hugely undermines buyer confidence.
“The trending down over three months does suggest the market overall is weakening.”
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