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Property prices "already recovering"

Property prices "already recovering"

The UK's property market has already bottomed out and is beginning its recovery, it has been claimed.

According to Gary Smith, president of the National Association of Estate Agents, an improvement in the market will not take as long as has been predicted by the Ernst & Young ITEM Club.

Recently, the organisation suggested that prices are likely to stagnate for the next two years and are unlikely to return to levels seen in 2007 for at least another five years.

In response to the prediction, Mr Smith said: "The Ernst & Young report was a bit of a surprise to me. I don't agree with what is in the conclusion."

He added that Council of Mortgage Lenders' figures indicate there has been a significant increase in first-time buyers.

The expert also stated that property prices are "already recovering".

Recently, the Land Registry House Price Index revealed that house prices in July increased by 1.7 per cent to £155,885.