Property price fall could stop within six months

A property expert has predicted that homeowners can expect the property market to "bottom out" in around six months – leaving just enough time to make any home improvements before the market recovers.

A recent survey by the National Association of Estate Agents found that the vast majority (92 per cent) believed adding an extension to the home could boost its value.

Property prices have fallen for 11 consecutive months, with Nationwide reporting that there has been a drop of 14.6 per cent on the average house price since this time last year.

FirstRungNow.com managing director Helen Adams believes the market could begin to turn itself around as early as May 2009.

"We cant predict it but what we have got are indicators that things are at a bit of a crisis point in the UK at the moment.

"There are measures being taken to reduce the effect of it but we dont know yet how much effect those will have so I think people will generally be quite conservative over the next six months."

If this prediction comes to pass, it would give homeowners just enough time to add a glazed extension or conservatory to give them an advantage in the sellers market – should they wish to sell when it recovers.