Experts expect property recovery

Leading property experts are indicating that the UK property slump may be on its way out.

Economists and property executives alike are providing cautious indications of a turnaround in the fortunes of the beleaguered UK property market.

The latest report from the Royal Institute of Chartered Surveyors (RICS) has revealed that sales for July showed an increase for the first time since February, whilst the decline in house prices slowed to its lowest level for five months.

Jeremy Leaf of RICS commented: "Some signs of recovery are evident in the market. Would be buyers have become more confident as a result of the interest rate outlook, while the economy continues to deliver steady growth, despite the past year's slowdown."

Martin Ellis, chief economist at the Halifax, has also contributed to the mood of cautious optimism, predicting that its measure of house prices will record a rise of just two per cent across the UK this year, the Financial Times reports.

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