Some green shoots of recovery may be starting to come through in the housing market, an expert has claimed.
Adrian Coles, director-general of the Building Society Association, said the market may still be subject to some "renewed recessionary frost", although signs of hope can be seen.
"House prices aren't falling quite as rapidly as they were, arrears don't look as though they are going to get quite as high as we thought they were," he stated.
There has also been some recovery with house builders' shares, Mr Coles revealed, with more people also visiting and making transactions through estate agents.
A recovery hinges on the recession slowing down, although Mr Coles said that he believes the country is now on the "slowing down of the downswing rather than the upswing".
The latest Halifax House Price Index reported that house prices fell by 1.7 per cent in April 2009 compared with a 1.9 per cent fall in March.
See Also: Property News (6705)
Date Published: 29 May 2009
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