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Jon Hunt famously sold his Foxtons estate agency and letting business to a private equity company is now calling the bottom of the housing market. He predicts that the market is unlikely to fall more than 20-25%.
He intends to return to the residential investment market by building up a serviced apartment company in London.
However, Mr Hunt warned that the poor economic outlook meant the market would not bounce back quickly and could take 10 years before recovering to near its peak again.
“I have never known a recovery where the market just bounced,” he said. “The past two downturns, the market just trawled along the bottom and we have to go through that stage first.”
Is he right - post your viewsFree property management software, Free tenancy agreements
without a doubt it will be many years before the housing market recovers. The massive amount of government borrowing under Brown will take many years to pay back and slow down the recovery. Add to that high oil prices and its going to be a long and hard road to recovery, but we will get there one day!
ReplyDeleteI think you are probably right in your predictions, Jon.
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