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Savills: house market down until 2012
01.05.09
Estate agency Savills today predicted the housing market may not recover until 2012 - a year later than previous forecasts.
However, the property specialists said London and the South-East would bounce back first because of the greater concentration of wealth in and around the capital.
Savills predicted prices would drop about 11% this year compared with last year's 14.7% decline. "Fear of redundancy and credit constraints will hold back the recovery," said Savills head of residential research Yolande Barnes.
She added that prices have fallen about 19% since the market peaked in the third quarter of 2007.
