Housing bubble sparks fears for future of property maintenance industry

Published:  22 July, 2014

Property maintenance firm aspect.co.uk is concerned for its sector's future due to the rising costs of property prices.

Mr Davies, co-founder of aspect.co.uk, said: "The property maintenance industry is determined by how well the property market is doing - at the moment, it is looking bleak.

"While here at aspect.co.uk, our profits are healthy, we are looking at the property market very closely."

Research from Rightmove has shown that the property prices have fallen by 0.8% from last month to an average of £270,159, sparking speculation that the 'housing bubble' looks set to burst.

Despite property prices starting to drop, the average cost to purchase a house is still too high, according to Mr Davies.

"Wages aren't matching the unbearable rise in the cost of living, and the number of people who are renting properties in recent years are also increasing to unwelcoming levels," Mr Davies said.

"Also, homeowners who want to move on, can't, because the price of houses which suit their needs have gone through the roof. It is a huge problem which the government must take into account."

Mr Davies also expressed concern over the government's decision to appoint a new housing & planning minister, the fourth in three years.

"If there is no stability from people who govern the property market, then how can we expect banks to promote stability in their approach?" Mr Davies concluded.