02 October 2009
Housing market 'yet to hit the bottom'
The housing market in the UK is yet to reach its lowest point, an expert has claimed.
According to David Amstell, founder of property website Briffy.com, the industry will struggle to fight a price slump due to the bleak financial outlook.
He made his comments after the release of Land Registry figures, which suggested that the cost of the average property fell by 0.1 per cent in August compared with July.
Mr Amstell stated: "I've said in the past year or two [that] the market's still dropping and ... statistics that people keep coming out with to try and show otherwise - it's just massaging the figures."
While the economy may recover slightly over the next few months, this will not necessarily cause an uplift in the property market, he suggested.
He added that people seeking properties may be able to get a "bargain" at present as more homes are coming on to the market.