14 Jan

"Pent up demand" could lead market recovery

"Pent up demand" could lead market recovery

A build up of interested buyers could help drive a property market recovery in the coming year, it has been suggested.

According to the managing director of haart, Russell Jervis, there are an increasing number of would-be homeowners registering interest in the sector - a trend also noted recently by the Royal Institution of Chartered Surveyors (RICS).

"Average house prices are returning to levels last seen three years ago, with first-time buyers in particular in a position to take advantage," he said.

Mr Jervis added that affordability has "greatly improved" but consumer confidence needs to be boosted if housing market activity is to increase.

However, this is dependent upon the improved availability of affordable mortgage finance, he stated.

Mr Jervis' comments follow a recent suggestion by RICS that the government should issue residential mortgage backed securities.

This would help homebuyers avoid becoming "frozen out of the market", the body said.ADNFCR-1222-ID-18972238-ADNFCR

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