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The only way is up for US property prices in 2011

Tuesday, 25 January 2011 12:58 PM

The US residential property market is expected to stabilise this year, before house prices begin to rise again, according to HomesGoFast.com.

Nicholas Marr, the company's chief executive officer, said: "I believe 2011 will see a US property market that has finally bottomed out and the only way for prices to go is up."

Statistics from the US Department of Commerce recently revealed that the number of privately owned housing starts fell by 4.3 per cent in December compared to the previous month, and by 8.2 per cent compared to December 2009.

Despite these "disappointing" numbers, Marr went on to say that he did not believe the report had given an accurate reflection of the US property market as a whole.

He explained: "The US housing market has taken a severe battering and recovery is not going to happen overnight. The scene is now set in 2011 for a gradual recovery of the market, which means some states will be winners and some … losers."

According to the latest US figures, privately owned housing completions increased by 4.1 per cent last month to a seasonally adjusted annual rate of 585,000 – 22.2 per cent lower than in December 2009.

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