21 Dec

Property prices expected to rise further in 2010

Property prices expected to rise further in 2010

House prices are expected to increase further next year, an industry analyst has claimed.

Simon Rubinsohn, chief economist at the Royal Institution of Chartered Surveyors (RICS), stated that he expected the imbalance between supply and demand on the property market to result in price rises in 2010.

He explained that, even though estate agents have experienced an increase in the number of new instructions, they are not keeping pace with demand from buyer enquiries.

"One of the factors that is holding back supply is uncertainty about the ability to sell a property in a troubled market," Mr Rubinsohn stated.

Pricing and the length of time that properties remain for sale are additional concerns for vendors, he added.

A report released by Countrywide Mortgage Services on December 14th revealed that mortgage applications increased by 43 per cent in November.

The financial services firm attributed the rise to the reduction in average interest rates on mortgage products as a result of increased competition in the market.ADNFCR-1222-ID-19518184-ADNFCR

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