Property market crash could take almost 7 years to reverse after 'heady house price highs'

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Managing Director of House Buyer Bureau, Chris Hodgkinson, explained that the property market is both “cyclical” and “resilient”.

He said: “The property market is cyclical in nature and we’ve seen time and time again how resilient it can be when it comes to bouncing back following a crash.

“That’s not to say that patience isn’t required on the part of the nation’s homeowners as historic data shows that should we see a correction in the current market, it may be some years before we return to the heady house price highs spurred by the pandemic property market boom.

“Of course, it’s important to note that 2008 was a particularly sizeable correction, caused by some extremely irresponsible practices on the part of lenders and so we’re unlikely to see these events replicated in the current landscape.

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