Property market 'will start to look up next year'

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Property market 'will start to look up next year'

Mortgage lenders may welcome the opinion of one expert on the fate of the property market over the coming year.

According to Peter O'Donovan, head of mortgages at independent financial advice firm Bestinvest, it appears as though house prices have hit their lowest point, meaning that things are likely to get better from here onwards.

He explained: "Next year would probably be a more optimistic view to when things really start to improve. I think two years is a bit too long."

Mr O'Donovan added that this may be because people are gaining more confidence and sellers are hoping to buy new homes while they are at their cheapest and are acting now as a result.

According to a new forecast published by the National Housing Federation, the average house price in England is set to rise by 20 per cent by 2014, hitting the £227,800 mark.

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