RICS predicts stronger 2013 market14th Dec 2012
UK house prices are set to rise 2% in 2013, according to the Royal Institution of Chartered Surveyors (RICS).
In its Housing Market Forecast, RICS said that slight improvements in the economy would feed into the housing market, although challenging conditions still lay ahead. Housing starts in England are expected to edge up to around 110,000 to 115,000 in 2013.
“Housing starts this year have been particularly disappointing with the total for England likely to fall short of the 100,000 mark,” RICS’ report read. “We suspect that the benefits of the government’s array of measures will become a little more visible over the coming year and have suggested that more mortgage finance will become available.”
RICS also predicted that transactions would rise by just over 3% to 960,000 against the 930,000 achieved this year. But this would be a modest level compared to the 1.67 million transactions seen in 2006, RICS pointed out.
Meanwhile, the cost of renting will rise by around 4%, the forecast showed.
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