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04/12/2009
Property prices 'set for period of fluctuation' |
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Those seeking the help of a property lawyer for a house purchase should be aware that the next few months could bring little in the way of house price rises, an expert has warned.
Director of director of MyMortgageDirect Catherine Hearnden suggested the level of house price appreciation would be scant in the early part of 2010, stating: "Although house prices might [go up] they would be very, very small increases as it could fluctuate."
The rises seen in the last few months can be attributed mainly to a lack of supply, she suggested.
However, Ms Hearnden predicted that in the longer run the market will recover and values will increase due to the recovery of the world economy, barring an unforeseen shock.
The comments come at a time when evidence has emerged that the rate of house price increases has been slowing.
Nationwide's figures for the three months to November show that the average value of a UK property was up 2.8 per cent, whereas this had been 3.5 per cent in October and 3.8 per cent in September.
Written by Anna Norton
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