by Rachel Crook
A shift is taking place in the balance of supply and demand in the property market, indicating the worst has passed, it has been argued.
Nigel Ellis, a partner at estate agency Prickett & Ellis, commented: "The public perception is that interest rates are as low as they are going to get [and] that house prices [have] therefore fallen as low as they are going to get."
As a result, there will be a rise in the number of buyers that exceeds the supply, leading to an imbalance.
Such a situation could help push prices back up, which could be good news for those selling homes.
Recent house price surveys have suggested the market may be turning.
Nationwide's figures for May revealed a 1.2 per cent house price raise, while Hometrack's survey indicated that values had remained unchanged from April - the first time they had not dropped in 20 months.
Published on: June 3, 2009