Pidgley: Housing market is ‘very close to bottom’

Berkeley boss says worst of housing crisis has passed as he braces for ‘steady recovery’ in 2009
Tony Pidgley, the Berkeley Group chief executive, has said the housing market is “very close” to the bottom.
Pidgley, who gained a guru-like notoriety after correctly predicting the recession of the late eighties, said 2009 could be a year of “steady recovery”.
He said: “I haven’t called the bottom of the market, but we are getting very close. I would say the worst is behind us.”

“It wouldn’t take much to see a pick-up and most of my housebuilding colleagues have seen a fair spike in activity so far this year.”
Asked whether he has begun spending any of the £50m Berkeley had raised in a share placement last month, he said: “A number of deals are being done where people are selling off assets, but I obviously cant talk about them at the moment.”

Source:16 March, 2009
By Tom Bill, Building Magazine, http://www.building.co.uk/



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