“Nikkei Financial”: Those expecting UK property to bounce back are deluded.
Online PR News – 30-March-2010 – – “Nikkei Financial”, the Asia-based boutique broker, says that so-called property experts and those with vested interests in the UK property market are “irresponsible” for perpetuating the myth that the UK property market was doe to recover significantly in 2010.
Britain’s property market came to a virtual standstill after a decade of exponential growth and, despite a brief respite during part of 2009, has once again, begun to demonstrate signs of weariness.
“Nikkei Financial” analysts believe that those advising people to buy in anticipation of a full-blown recovery in the market clearly have an agenda which is undoubtedly at odds with the welfare of those who would take their advice at face value.
The firm said that the market was likely to deteriorate significantly as 2010 wore on and the economic recovery in the UK petered out into a double-dip recession.
Interest rate increases are more than likely and whether they are raised by the Bank of England of its own volition or imposed by the bond markets, the likelihood is that those who are unable to refinance their mortgages now because of negative equity will undoubtedly find their monthly payments rising, perhaps to the point where they can no longer afford to keep their homes.
“Nikkei Financial” told clients to avoid the UK property market “like the plague”.