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Despite new research suggesting that house prices in the UK are falling at their fastest annual rate in 18 months, market analysts remain confident about future prospects.
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Property search company Hometrack's research has found that values are around 3.7 per cent lower in May when compared to a year previous, with the late Easter break and bank holiday weekends impacting demand.
The survey also showed that the number of new buyers registered with estate agents fell by 0.5 per cent over the month, the first decline since January.
However, analysts remain more optimistic, with some forecasting that the UK market will hit rock bottom this year and begin the road to recovery.
According to the Centre for Economics and Business Research (CEBR), the recovery will be gradual.
"We think the market is currently close to the bottom for the UK as a whole and there are signs prices will stabilise over the second half of the year. The main factor driving up prices is the shortage of available housing which has already pushed up rents," said Douglas McWilliams, CEBR chief executive.
