RICS Sees Possbility of House Price Rises for 2009
RICS has revised its house price forecast for 2009, now saying that there is a 'possibility' of house prices rising overall in 2009 - its previously forecasted a fall of between 10 - 15% in prices.It put the revision down to a 'considerable shift' in the housing market, but warned that prices could fall again in 2010 if economic conditions worsened with increases in unemployment playing a large factor.
The housing market still remiains in a fragile state, with very low levels of activity. Mortgage lending still remains tight and there is a lack of availability of houses, meaning that demand if short stock is the main driver of recent house price increases.
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