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We have found that estate agents have differing arguments, even in the same office! It is hard to tell where property prices are going, however the following aims to provide an insight into where prices may end up.

It seems that demand has played a huge factor in driving prices through the roof, however arguments for the change differ greatly, some say it is economy based, others say demand has always existed in central London, and some predict demand to fall.

There is the historical argument, and proof, that a boom will occur again however no two arguments are the same, each adding factors which will lead to a property sales boom in the future, some predicting it to be closer than others.

Many agents have a more pessimistic view that the UK is heading for a recession but not as bad as seen in the 80’s and that over the next 3-4 years property prices will decline and then go on the increase again. The drop in house prices brings about mixed views, some saying that property will drop as much as 30% and some say only by 5% however they all agree prices are on the decline and even the most high-end housing, will suffer even if it is by a lesser amount. Their common belief remains the same that high-end housing will suffer far less a drop in price than new build homes that are considered modern.

Some estate agents have mixed views on the market status at the moment, some saying it is owing to bad press others saying that the banks influence is being felt much more now than ever before. Either way the market status in the short-run doesn’t look good to many agents however the fact that central London will always draw potential buyers is a ray of hope to many agents. 

There are potentially no new houses being built this year, although it is obvious when you consider no mutual lending between banks, forcing development companies to halt works till further notice, at least till interest rates drop.

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