Property market to undergo ‘gradual’ recovery in 2012

The National Association of Estate Agents has revealed its predictions for the UK property market over the next 12 months.

Chief executive Peter Bolton King said 2012 would see a “gradual” recovery for the UK property market, as it continues to bounce along the bottom – with no “great upturn” to mark a change from the previous 12 months.

Bolton King said: “I don’t believe that we will see a significant fall in house prices over the next 12 months as some have feared. But equally, it is unlikely we will see any great upturn to help the market back to full capacity. It is likely that property transactions will remain at a similar level to that in 2011.”

However, a lack of available finance would remain the biggest barrier to would-be home buyers in 2012 Bolton King warned, with first-time buyers in particular struggling to access mortgage finance from many major lenders.