Affordability levels could improve, expert says
Britons who hold on to their jobs during the economic downturn should find that their affordability levels will start to increase, an economist has said.
Defaqto's Michael Baxter said the recession currently facing the UK won't be as bad as the downturn of the 1930s, but predicted that those who keep their jobs after 2009 will help improve the economy.
"Affordability levels should start improving and that might well provide one of the ways out of this recession," he said.
Mr Baxter admitted that the economic outlook is bleak for 2009, adding that a full recovery is unlikely to begin until 2011.
But the economic downturn, although fairly long in duration, will not be as bad as the recession experienced in the 1930s, he said.
Last week, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that some buyers are still on the hunt for bargains amid falling house prices, despite the impact of the credit crunch on the UK property market.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
Defaqto's Michael Baxter said the recession currently facing the UK won't be as bad as the downturn of the 1930s, but predicted that those who keep their jobs after 2009 will help improve the economy.
"Affordability levels should start improving and that might well provide one of the ways out of this recession," he said.
Mr Baxter admitted that the economic outlook is bleak for 2009, adding that a full recovery is unlikely to begin until 2011.
But the economic downturn, although fairly long in duration, will not be as bad as the recession experienced in the 1930s, he said.
Last week, Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors, said that some buyers are still on the hunt for bargains amid falling house prices, despite the impact of the credit crunch on the UK property market.
Mortgages for professionals provides expert mortgage advice and is committed to represent the borrower not the lender on over 30,000 mortgage products for high earning clients.
