House price fall could end soon, Rics says

by Rachel Crook

A prediction that UK house prices may soon stop falling could turn out to be right, the Royal Institution of Chartered Surveyors (Rics) has commented.

Commercial mortgage director at Lloyds TSB Stephen Noakes recently suggested that house prices only have a further six per cent to fall and could then start rising again.

Rics chief economist Simon Rubinsohn said the forecast is "ambitious", but revealed he also believes the "bulk" of the fall in values has passed.

In addition, he stated that prices may well "stabilise" later this year, although it is likely to require a "constrained" level of supply of homes to produce a rise in prices soon.

Housing transactions rose in March, according to figures from Rics, with the number per surveyor increasing from 9.7 to 10.6.

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Published on: May 14, 2009

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