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House prices expected to rise

House prices expected to rise

Category: Mortgages

Updated: 09/07/2013
First Published: 09/07/2013

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A recent survey reveals surveyors across the country believe house prices will keep on rising over the next 12 months.

Members of the Royal Institution of Chartered Surveyors (RICS) revealed in the June survey that they expect house prices to increase by 1.5% over the next year, in contrast to their prediction at the beginning of 2013 of static house prices.

The results showed the house price balance jumped from +5 in May to +21 in June, the biggest improvement in a single month since 2009.

Over the next five years, RICS members also predict a 4% per year average increase in house prices.

"After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market," said the global residential director for RICS, Peter Bolton King.

"It is important to remember that activity levels still remain depressed by historic standards but the various initiatives designed to encourage the provision of finance into the market do appear to be paying dividends."

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