A majority of prospective homebuyers in the UK fear that the slump in property prices will continue for two more years, according to a recent study.
A poll carried out by FindaProperty.com discovered that most would-be buyers feel that property prices will keep falling as they have been in recent months.
In fact, many indicated that they suspect the average house price will dip by as much a 15 per cent or more before rising again.
Millions of homeowners are struggling to become debt free but the general feeling among those quizzed recently is that the property market will recover and surpass the high prices seen in 2007.
“Most think prices will be more expensive five years from now, which suggests people still have faith in the housing market and view it as a good investment,” said Michael O’Flynn, content editor for FindaProperty.
Last week, the Bank of England revealed that its monetary policy committee considered introducing a rise in the base rate of interest, which would have been more bad news for homeowners with a debt management headache.
By Giles Stevenson