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15/05/2009
House price 'stability' possible, says Rics |
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The Royal Institution of Chartered Surveyors (Rics) has said it is possible that house prices in the UK could stabilise this year.
Chief economist at Rics Simon Rubinsohn suggested the comments by commercial mortgage director at Lloyds TSB Stephen Noakes that prices will only fall another six per cent and then rise are "ambitious", but agreed that the "bulk" of the price adjustment is over.
He added that it is likely prices will "stabilise" later this year, although it is "hard to call" whether they will then start to rise.
Mr Rubinsohn concluded that "constrained" supply might be a necessary condition for price rises.
Those who are keen to buy property again soon may wish to consult a solicitor over the legal aspects of the transaction.
Rics' own figures for March showed that demand for property has continued to rise and has translated into more sales, with the month showing an increase in transactions from 9.7 per surveyor to 10.6.
Written by Anthony Dyson |
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