Housing Boom Slow To Return

As reported today in the UK National Press, it would appear that there is very little chance of a quick return to a housing boom in the property market despite the possibility of UK house prices actually rising over the course of forthcoming year, surveyors say. The Royal Institution of Chartered Surveyors has changed its forecast of a price fall of 10-15% this year amid a "considerable shift" in the market.

But it warned that tight credit, limited transactions and job losses could see prices slip back in 2010. The outlook for the next year to 18 months remained "clouded", as spokesperson for Rics said.

RICS senior economist Brigid O'Leary was been quoted as saying: "There has been a clear change in the housing market over the past few months and, as a result, it is unlikely that we will now see the kind of house price falls widely predicted at the start of the year." And then concluded; "Instead, the return of buyer demand and the limited availability of housing on the market could be enough to support prices, so it wouldn't be surprising to actually see prices increase further from here in the short term."

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