Property market set for "a hell of a bounce"

When the housing market recovers there is likely to be a significant recovery, according to one expert.

Celebrity property expert Phil Spencer suggests that although now is not a happy time in the market, there are a number of reasons why the country will recover.

"We live on an island, we have an increasing population, we have people leaving home earlier, getting married later, getting divorced more often and living longer," Mr Spencer highlights.

All these elements point to a healthy long-term property market and the many people who cannot currently sell their properties will be "desperate" to move when the situation improves.

There will "a hell of a bounce" at the end of the property nightmare, he suggests.

Hometrack recently found a 5.4 per cent increase in the number of deals being agreed in October 2008, compared to the previous month.