24
Aug
Worst of property downturn 'behind us'
The worst of the property downturn now appears to be over, if the
comments of one property expert are to be believed.
Selwyn Lim, director of Mouseprice.com, said that there has
recently been a slight upturn in the property market, with various
industries reporting more positive news.
His comments follow the release of a statement from Bovis Homes,
which reveals that the group remains cautious in its expectations
on pricing in the short term, given the continuing challenges of
unemployment and a potential increase in the supply of properties
for sale in the second-hand market.
"There are quite a few pessimists out there who believe we are
going to have a double-dip recession, where this upturn in the
stock markets and the housing markets is temporary," he
stated.
"It does remain to be seen."
He added that unemployment is one of the lagging economic
indicators with regards to economic cycles, which may mean that its
impact has not yet been felt.
