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7
Jan
HOUSE PRICES in 2009
The Royal Institution of
Chartered Surveyors (Rics ) forecast suggest that property sales
may have bottomed out and could rise by 10% during 2009, although
there monthly surveys found that enquiries from potential new
buyers have been picking up in the past few months.
Simon Rubinsohn the body's chief economist says "Lenders are
likely to remain cautious in the near term in the absence of any
guarantees on mortgage backed securities", also warning of numbers
getting worse before getting better.
As well as a 10% price drop, and 10% increase in sales, Rics
formal forecast predicts a further decline in house building, with
the surveyor suggesting that new housing starts will plunge from
their already low level of 110,000 last year to under 80,000 in
2009.
The Royal Institution of Charted Surveyors is also expecting
another official interest rate cut from 2% to just 1% in the first
quarter of 2009.
Peter Bolton, chief executive of the National Association of
Estate Agents forecast that following cuts in interest rates in
some markets the bounce back could be as pronounced as the
fall.
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