Buyers 'confident about long-term picture of housing market'

Property buyers in the UK are confident about "the medium to long-term picture" of the housing market, according to an expert.

Michael O''Flynn, content editor for FindaProperty.com, made the claim after research by the website revealed that a majority of buyers feel that the downturn in the sector will only last for a maximum of two years.

It was also found that a third of respondents felt that prices would fall by between ten and 15 per cent.

Discussing the research, Mr O''Flynn said: "Buyers are confident about the medium to long-term picture. Most think prices will be more expensive five years from now, which suggests people still have faith in the housing market and view it as a good investment.

He added that the opinion was "borne out by historic evidence", as the market has always recovered from falls in the past.

Recent research by the Council of Mortgage Lenders found that the majority of lending activity in the UK is currently based on the remortgage sector.

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