Outlook for buyers 'could improve' next year

New buyers and existing homeowners face a tough time of it over the next few months, but could see fortunes improve come the end of 2008, according to Connells Survey & Valuation.

The firm has said that it has seen a drop in the number of new buyers and remortgagers approaching it for surveys of late as budgets begin to tighten.

But limited supply and a growing population will help demand recover as the year progresses, the company added.

"Consumer and market confidence will remain low until the further cuts in interest rates expected next year are delivered, and there is more liquidity in the financial markets," said Ross Bowen, managing director of Connells Survey & Valuation.

"These factors will have an increased impact on the housing market next year," Mr Bowen concluded.

Nationwide predicts that house price growth will remain flat throughout 2008 as a result of heightened economic pressures.

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