Jones Lang LaSalle (JLL) believe that the current property market is presenting investors with a ‘window of opportunity’ to buy low priced properties.

The company said there is no doubt that the country is in for a tough time over the coming 18 months but there are also reasons to be optimistic when it comes to viewing the market in the medium to long-term. It expects house prices to rise sharply in 2010 as demand once again overtakes supply.

Neil Chegwidden, head of residential research with JLL, believes house price growth will accelerate to over 10% per annum in 2010 as the market corrects what he believes will be an ‘undershoot’ in the coming 18 months. Once balance has been restored to the market Chegwidden believes growth will steady at 6% in the medium to long-term. If finance is not a problem JLL sees the current market as a good opportunity to take advantage of low prices.

Not all analysts are as confident as Chegwidden. Kelvin Davison, property economist with Capital Economics, told PIN: “Our forecast is down 15% for 2008 followed by 10-12% falls in 2009 and 2010. In our opinion, 2010 will be the bottom of the market. We do not share the view that now is a good time to invest as there are more falls still to come. Property is not going to fall forever. The market is ridding itself of the excess of recent years and it will then begin to return to normal. When growth returns, we expect it to be much closer to that experienced by income.”