4 Jan

RICS: "Increasing momentum" in the housing market

RICS: "Increasing momentum" in the housing market

There is increasing momentum in the housing market, according to an expert from the Royal Institution of Chartered Surveyors (RICS).

Oliver Gilmartin, senior economist at the body, made his remarks after the Bank of England published figures regarding mortgage approvals.

He said that Bank data suggests a "gradual improvement" in the lending environment will take place over the coming months.

Mr Gilmartin also asserted that mortgage approvals have been rising "consistently" for a 12-month period.

"Today's figures support our view that increasing momentum in the housing market will see further rises in house prices during early 2010," the RICS representative asserted.

He concluded by noting that further price gains are likely to take place in the near term as a result of the current "imbalance" between supply and demand.

The Bank's figures showed that lending to individuals rose by £1.1 billion in November, with net lending secured on dwellings increasing by £1.5 billion.ADNFCR-1222-ID-19538161-ADNFCR

Cookies We use cookies to ensure that we give you the best experience on our website. To find out more about our cookies policy, see our cookies policy here or in the footer.