The price of property may not return to its pre-crash level until 2015, according to new predictions.

Commenting on numbers released by PricewaterhouseCoopers, Trevor Kent of the NAEA said that the "likely pace of recovery is going to be very gradual".

He added that while the "pressing and continued drop"in house prices is likely coming to an end, it could be a number of years before house prices return to 2008 levels.

And while predictions made by PricewaterhouseCoopers anticipate that it could be 2015 before property prices return to pre-recession levels, Mr Kent noted that there is likely to be an "occasional small percentage correction"each month.

He said: "I do expect is a recovery in turnover, albeit at this new level of average prices. I don't expect 2008's prices to be reached again probably for five years."

Figures from Nationwide indicated that the average price of a house in the UK increased by 0.9 per cent last month, compared with a 1.2 per cent increase in May.

Written by Sarah FieldADNFCR-2002-ID-19267758-ADNFCR

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