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Positive outlook for UK mortgage market

Date: Tue, 18 Oct 2005

The UK mortgage market could be on-the-up following the latest figures from the Royal Institution of Chartered Surveyors' (RICS).

The RICS survey is predicting a rise in house prices for the first time in 18 months, although the predicted rise could be slight, it is seen as a sign that demand in the property market is on the return.

The number of surveyors reporting price falls during September fell to 21 per cent, compared to 25 per cent in August. It is thought that the recent cut in interest rates has helped to boost confidence levels in the housing market.

"While sellers asking for unrealistic prices are still struggling to find potential buyers, they are beginning to feel more confident as fears of a sharp fall in house prices have largely dissipated," said RICS housing spokesperson, Ian Perry:

He added: "The upturn in demand and improved outlook on interest rates has led surveyors to predict house price rises for the first time since early 2004, though these are expected to be small."


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