House prices to stabilise in 2008

Posted: 20 Dec 2007 11:08:06 GMT

The Royal Institution of Chartered Surveyors (Rics) believes that house prices will level out over 2008.

The Royal Institution of Chartered Surveyors (Rics) believes that house prices will level out over 2008.

According to Rics, the market will experience some short-term weakness as a result of the global credit crunch, but the organisation does not believe that the problems will be long-term.

Cuts to the base rate of interest will help to support the market and Rics anticipates seeing the base rate cut to five per cent within the first six months of the new year.

In addition, a strong economy and high employment figures should also help to keep prices buoyed.

"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," said Simon Rubinsohn, chief economist at Rics.

"The effect of the credit crunch will dissipate slowly meaning that those seeking to obtain finance in the first half of 2008 may struggle.

"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 year," he continued.

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