Royal Institution of Chartered Surveyors predicts buoyant 2009
The Royal Institution of Chartered Surveyors (Rics) has this evening suggested that the number of housing transactions in 2009 will show a significant rise over the 2008 figure. However, before homeowners begin to count their lucky stars, there is also a suggestion that house prices themselves will fall by a further 10% in 2009. The expected increase in transaction levels is more a case of bottom fishing as house prices fall down to more affordable levels.
Many homeowners are currently struggling with more and more experiencing negative equity as prices continue to plummet and buyers continue to wait on the sidelines. As the forecast for the UK economy as a whole is anything but encouraging for 2009 there would appear to be no reason for buyers to rush in as yet with more panic selling expected. The truth is that nobody quite knows how and when the UK housing market will bottom out and at what level we will see interest start to pick up again.
There is also the added concern of job security in UK which will continue to impact heavily on house buying decisions and those willing to sell. There is no doubt that 2009 will be a very tricky period for the housing market.
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