David Mills, the property expert at the Bank of England, has claimed that the worst of the housing crash is over in the UK.

In news that is likely to be well-received by anyone looking to purchase a new home to move into, he said that the industry is on the road to recovery.

He also claimed that the general economy has endured the worst of the downturn and could fair better soon.

Testifying at the Treasury Select Committee yesterday (July 2nd), Mr Mills said: "Expectations are crucial in the housing market and they look a bit better now than a few months ago.

"My hunch is that we have seen most of the overall aggregate house price falls."

This statement supports a claim made by MyMortgageDirect this week that in any kind of economic crisis, everything will reach a low point before recovering naturally.

People looking to take advantage of the recovery in the housing market could put their furniture into storage to make the moving process as smooth as possible.

Written by Jacqueline Farrer