A property expert has expressed optimism about the long-term prospects for Britain's housing market.

Phil Spencer, presenter of Channel 4's Location Location Location, said it is not a "happy time"for the property sector in the UK at the moment.

However, he stated that market conditions are likely to recover in time, as soon as the state of affairs in the wider economy gets better.

Mr Spencer commented: "Once the financial markets, the economy and the housing markets have started to recover, those people will all move."

He added that as soon as the market bottoms out and starts its ascent, consumer confidence should begin to pick up.

Nevertheless, he stated that people would still be asking how long this recovery is likely to take.

This comes after Nationwide reported that the average price of a house in the UK fell to £158,872 in October 2008.


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