The Bank Of England’s property expert Professor David Miles has gone on record saying he thinks there’s hope for the UK housing market. His comments come amid the appearance of the smallest of small green shoots even thought the economy remains weak.
Professor Miles said: “Expectations are crucial in the housing market and they look a bit better now than a few months ago. My hunch is that we have seen most of the overall aggregate house price falls.”
But to make sure he didn’t get anyone’s hope up, in the same breath he warned that the housing market will only see very minor growth in the coming years due to the severity of the mess we’re in. Which means if you were hoping to sell your house fast on the open market, you may be waiting quite a while still.