Expected Rise in House Prices - August 2009

The Royal Institute of Chartered Surveyors (Rics) expects a rise in house prices, putting this down to a lack of availability in the market.

A spokesperson from Rics is quoted as saying:

“Crucially it is the lack of supply that is helping to underpin prices at the present time. Significantly, the more positive news on prices, at least in some parts of the country, may prompt more properties to come on to the market.”

With demand currently outstripping supply, renewed optimism in the market is being reported.

When questioned, 8% more surveyors reported price falls over increases but this is the lowest figure in two years. Looking ahead 30% predicted an increase in sales levels. Forecasted house price falls of 10-15% in 2009 have now been reviewed and a  “considerable shift” in the market has been noted leading to the opinion that house prices may end the year slightly up.

Last week, the Halifax reported a 1.1% rise in house prices in July, while independent financial adviser firm Bestinvest said that house prices have bottomed out and confidence in the property market will grow over the next few months.

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