13 May

RICS comments on future of house prices

RICS comments on future of house prices

Those selling houses could see that their property rises in value this year, new comment from the industry indicates.

Chief economist at the Royal Institution of Chartered Surveyors (RICS), Simon Rubinsohn, said that he has not ruled out the possibility that house prices will increase in the near future.

He is more certain of the fact that the value of bricks and mortar in the UK will begin to stabilise as the year draws on, although it is a "hard call" to predict whether the pattern of falling prices over the last few months will be reversed.

"It all depends to a large extent on whether or not this lack of supply - which is very visible in our new instructions balance, [and] which every month in the last two years, virtually, has fallen – continues," he explained.

Mr Rubinsohn's comments come after Steven Noakes, commercial mortgage manager at Lloyds, gave his view on the property market last week.

In an interview with the Sunday Times, the bank boss suggested property prices still have six per cent to fall before levelling off.

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