1
May
RICS: Housing market 'could pick up'
Commenting on the latest house price data from Nationwide, the
Royal Institution of Chartered Surveyors (RICS) suggested that
although it is difficult for first-time buyers to get on the
property ladder at the moment, the housing market could pick up
"modestly" later this year.
In a statement, the organisation noted that the trend for lenders
to scale back their loan-to-value ratio is a "depressing turnover
in the market" and one that makes it harder for first-time buyers
to get on the ladder.
However, it also said that the level of buyer enquiries is
currently at a level more reminiscent of 2004-2005 than during the
collapse of the market in the early 1990s.
"This suggests that any easing in the credit … could provoke
a modest pick-up in activity in the market in the second half of
the year," RICS concluded.
Nationwide's data showed house prices fell by 1.1 per cent in
April, bringing them to a level that is one per cent lower than at
this time last year.
