'Housing market to stay firm next year', predicts Rics
The housing market will remain firm next year with house prices
broadly unchanged, it has been predicted.
The latest study from the Royal Institution of Chartered Surveyors
(Rics) projects that the market may encounter dips early on in the
year but that these are unlikely "to be extended in
Moreover, Simon Robinson, chief economist at Rics, said the number
of repossessions is also unlikely to stand at anything like the
levels seen in the 1990s.
He said: "2008 will prove a difficult year for the housing market,
but with falls likely in the base rate, the housing market should
be provided with a stable platform.
"However, the employment picture should remain firm throughout the
year, helping to prevent significant numbers of repossessions and
the subsequent influx of supply into the market. This should ensure
that house price growth remains broadly flat over the course of the