24 Dec

Transaction levels to rise, say Rics

Transaction levels to rise, say Rics

The Royal Institution of Chartered Surveyors (Rics) has predicted that housing transactions will start to rise again in 2009.

In its set of predictions for the year ahead, Rics forecast that house prices will go on falling, something that could help increase affordability for first-time buyers, although it did state that lending will remain subdued.

Tipping an increase in transactions of ten per cent, Rics senior economist Simon Rubinsohn said: "Transaction levels do seem to have hit a floor with some signs that opportunistic investors are returning to the market."

The implementation of the Crosby report recommendations should have some positive impact on the availability of lending, he added.

Earlier this week Miller Homes stated that it had seen an increase in buyer interest, which it believes bodes well for the future.

It commented that this is linked to lower interest rates, with a surge in enquiries noted in the aftermath of November's 1.5 per cent increase.

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