2010 marks 'bottoming out' date

16 2008
Joint research from the Nationwide and Global Insight has found that house prices will continue to decline until 2010, it has been reported.

Scotland's Evening Times has published a report claiming that the average Scottish home could fall in value by £26,000 in the next 18 months, from its current £153,000 mark.

The house price decline may prove too much for some home owners but for many, the 18 month period may seem manageable.

Speaking to the Evening Times the Council of Mortgage Lenders director, Michael Coogan, said that the building blocks for a stronger marketplace are already in position, but that it will take time for the sector to recover properly.

"The measures announced by the government will have a positive effect but will take time to feed through to the mortgage market," he said.

In the meantime, however, many are choosing to rent in order to avoid paying high deposit and mortgage repayment costs.

Renting has recently become more popular among young professionals, as well as simply students.
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