10 Nov

Property market 'to bounce back strongly'

Property market 'to bounce back strongly'

The UK housing market has been predicted to make a significant recovery once economic difficulties are resolved.

Celebrity property expert Phil Spencer explained that a lack of finance had prompted people to live in homes they otherwise would not have wanted.

Those living in such homes may often carry out work on them to make them more suitable to their lifestyle aspirations, something which in turn may also make them more marketable.

Estimating that around one million people are hoping to move, the Relocation, Relocation presenter said a shift in sentiment will see a large-scale shift from staying and renovating to moving.

"Once we have seen the bottom of the market and we have money and we all feel more confident about it, there will be a hell of a bounce at the end of this," Mr Spencer added.

Recent research by Lloyds TSB found that of the improvements that could be made to enhance a home's chances of selling, nearly three-quarters (73 per cent) of people in Greater London believe a new kitchen to be the most important.


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