All right, I’m calling it. The UK’s property market has finished its freefall.
It’s just an impression I get: slight tinges of optimism in estate agents’ windows, somewhat more people talking about buying, a growing realisation that most people still have a job and the dip has enabled a large number of people who couldn’t buy before to get on the ladder. As credit eases over the next few months, I believe the property market will stay constant until March, then start growing at approximately the level of inflation for the rest of 2009.
My own patch of the market hasn’t really suffered: being near a massive Tube rebuild and the Olympic area it’s stayed fairly insulated from the plummet. Perhaps by 2010 I’ll actually be in profit on the thing.