2008 Property Market Review

13th December 2007

The Yorkshire  housing market is likely to  be subdued in early 2008 but will begin to recover  as the impact of the “credit crunch” begins to ebb, it is felt by one Yorkshire estate agent David Pank, Sales and Marketing Director of Manning Stainton, which has 17 estate agency branches across Leeds, Wakefield and Wetherby, said that the residential property market had experienced "unforeseen  disruption" in the latter part of 2007.

Interest rate increases, tougher lending criteria and the introduction of home information packs are the main factors causing a significant cooling in the housing market. He warned that 2008 could see a continued slowdown.

"House buyers will be a lot more price sensitive than before, and as such will only buy if properties are correctly priced," he said, adding that sellers are unlikely to be able to see the price of their price of their home increase.

However, there is a glimmer of hope, with Mr Pank commenting: "As affordability constraints are eased and demand continues to outstrip supply, the long term future is set to be bright and we expect the housing market to get back to its previous levels by 2009."

The predictions echo those of Nationwide, which last month forecast that house price growth would "pause for breath in 2008" after years of continual climbs