Media reports dictate property market trends
The direction of the housing market may be influenced by reports in the media, it has been suggested.
Little House Company director Jane Marr claimed recently that stories concerning residential property can act as a self-fulfilling prophecy, with negative reports eliciting a cautious response from industry stakeholders.
"The doom and gloom in the media does have a profound effect on buyers and sellers attitudes and once the dark clouds of doom start to disappear, so will the housing markets problems," she explained.
House prices have fallen consistently over the last year, leaving many homeowners facing making a loss if they were to sell their house.
Recent research from PropertyLive.co.uk revealed almost two-thirds (65 per cent) of potential first-time buyers feel they will never be able to get on the property ladder.
With such negativity, some homeowners may decide to improve rather than move, with conservatories and loft extensions being good ways to add value to a house, according to a recent HSBC survey.