21 Dec

'Housing market to stay firm next year', predicts Rics

'Housing market to stay firm next year', predicts Rics

The housing market will remain firm next year with house prices broadly unchanged, it has been predicted.

The latest study from the Royal Institution of Chartered Surveyors (Rics) projects that the market may encounter dips early on in the year but that these are unlikely "to be extended in duration".

Moreover, Simon Robinson, chief economist at Rics, said the number of repossessions is also unlikely to stand at anything like the levels seen in the 1990s.

He said: "2008 will prove a difficult year for the housing market, but with falls likely in the base rate, the housing market should be provided with a stable platform.

"However, the employment picture should remain firm throughout the year, helping to prevent significant numbers of repossessions and the subsequent influx of supply into the market. This should ensure that house price growth remains broadly flat over the course of the year."

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