21
Dec
Property prices expected to rise further in 2010
House prices are expected to increase further next year, an
industry analyst has claimed.
Simon Rubinsohn, chief economist at the Royal Institution of
Chartered Surveyors (RICS), stated that he expected the imbalance
between supply and demand on the property market to result in price
rises in 2010.
He explained that, even though estate agents have experienced an
increase in the number of new instructions, they are not keeping
pace with demand from buyer enquiries.
"One of the factors that is holding back supply is uncertainty
about the ability to sell a property in a troubled market," Mr
Rubinsohn stated.
Pricing and the length of time that properties remain for sale are
additional concerns for vendors, he added.
A report released by Countrywide Mortgage Services on December 14th
revealed that mortgage applications increased by 43 per cent in
November.
The financial services firm attributed the rise to the reduction in
average interest rates on mortgage products as a result of
increased competition in the market.