1 May

RICS: Housing market 'could pick up'

RICS: Housing market 'could pick up'

Commenting on the latest house price data from Nationwide, the Royal Institution of Chartered Surveyors (RICS) suggested that although it is difficult for first-time buyers to get on the property ladder at the moment, the housing market could pick up "modestly" later this year.

In a statement, the organisation noted that the trend for lenders to scale back their loan-to-value ratio is a "depressing turnover in the market" and one that makes it harder for first-time buyers to get on the ladder.

However, it also said that the level of buyer enquiries is currently at a level more reminiscent of 2004-2005 than during the collapse of the market in the early 1990s.

"This suggests that any easing in the credit … could provoke a modest pick-up in activity in the market in the second half of the year," RICS concluded.

Nationwide's data showed house prices fell by 1.1 per cent in April, bringing them to a level that is one per cent lower than at this time last year.

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