Share this page
Print this page:
Add this page to:
2011 to see rise of 'postcode power'
06/12/10
Edited by Andy Jowett.The residential property market will see the rise of "postcode power" in 2011, with desirable areas returning to healthy conditions while less popular neighbourhoods face "being left behind", an industry figure has said.
Peter Bolton King, chief executive of the National Association of Estate Agents, argued that this unbalanced picture will prevent widespread declines in house prices.
However, it will also create a backlog of pent-up demand for accommodation, which could subsequently distort the market by triggering a rush of people getting on to the property ladder.
Mr. Bolton King claimed the key to a more stable housing sector is improving access to finance for prospective buyers.
He said the market's recovery is currently being "threatened by the stubborn refusal of major lenders to loosen their self-serving restrictions on mortgage lending".
Banks and building societies approved home loans worth £12.4 billion gross in October, the lowest total for the month since 2000, according to the Council of Mortgage Lenders.
