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UK house prices expected to rise in short-term

The Royal Institution of Chartered Surveyors (RICS) has today issued a report which suggests that while property prices are still falling across UK, the rate of decline has reduced markedly. There is a belief that UK property prices will actually start to rise in the short-term although part of this may be due to a lack of housing stock for sale in the UK.

The report shows that only 18.1% of surveyors reported a fall in house prices in June against 76.2% in January 2009. This is a marked turnaround in a sector which has been very difficult to forecast and predict and is still proving very volatile. Homeowners and mortgage providers in the UK will be buoyed by the report which is the first of its kind for over 12 months and would seemingly indicate that the UK market is set to move into positive ground, although what will happen as and when more housing stock becomes available remains to be seen.

Whether this will be the kick-start which the UK economy needs remains to be seen but the property market is, and always will be, a vital part of the UK economy and regularly leads the economy up and down. Dare we predict that the first green shoots of recovery are just below the surface?

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