Battling The Headwinds
• The housing market has come through the past year in rather better shape than might have been expected in the wake of both the turmoil in financial markets and the subsequent sharp contraction in the economy. Nevertheless, significant challenges relating both to the macro environment and property market dynamics
remain.
• The supply of property may now be beginning to increase but it continues to fall short of demand. This gap points towards further price gains over the coming month. Transaction levels are also likely to edge up a little further in 2010.
• But the prospect of higher interest rates and fiscal retrenchment will present material obstacles for the market to contend with later in 2010.