Buyers think UK downturn 'will last 1 to 2 years'

A poll of UK property buyers has revealed most believe the current downturn will last around one to two years. Research from FindaProperty showed 33 per cent of buyers felt the current slump will last about 12 months while 32 per cent said it was more likely to be two.

A further 20 per cent believed the downturn could last even longer. However, buyers also appeared to be confident about the sector’s medium to long-term picture. FindaProperty content editor Michael O’Flynn said:

“The figures here make very interesting reading. The majority think house prices will fall by ten to 15 per cent and on average feel the current problems will last around a year or two.

“According to Nationwide, we have already seen a fall of -4.4 per cent, so the process is already well underway.”

He added most respondents to the poll thought house prices in the UK would be more expensive in five years, suggesting people “still have faith” in the housing market and view it as a good investment.

The survey also asked buyers what measures could be taken to hasten recovery, with suggestions including interest rate cuts, price falls and the abolition of stamp duty. A loosening of lending criteria was seen as the most popular option, gaining 29 per cent of the vote.