Market will remain nasty for a long time

Homeowners deciding whether to move or improve may be interested in hearing the opinion of Firstrung chief executive Paul Homes.

The property expert believes the housing market is a long way from recovery and it could remain a "very nasty place" for a long time to come.

He explained when house prices fall as rapidly and as low as they have recently, they are often slow to recover.

Mr Homes made it clear any talk of a "spring bounce" was premature as there are too many people on large mortgages.

"[If homeowners] are on a £400,000 house with a £250,000 mortgage then they are not going to want to be told that the house is only worth £200,000," he said.

The experts view seems to be backed up by figures from the Halifax House Price Index, which showed a 2.3 per cent decline in property values last month.

With the market such an inhospitable environment, some homeowners may take the opportunity to erect a conservatory ahead of British summertime, which officially begins this Sunday (March 29th).