RICS predicts subdued property market

Posted 10/01/2012

The Royal Institution of Chartered Surveyors (RICS) has predicted the UK’s housing market is to remain subdued for 2012 as a result of fears over the eurozone crisis and the global economy.It revealed prices fell across the country apart from in London during December and spokesman Ian Perry stated vendors have to be realistic with the money they ask for if they are to get a sale.”Looking ahead, along with surveyors’ flat predictions for transaction levels, price expectations remain low,” he added.The level of sales is expected to remain at a flat rate for the next three months as a result of fears over the global economy and the ongoing eurozone crisis.Chief economist at RICS Simon Rubinsohn recently claimed house prices are likely to drop over the course of 2012 due to factors including rising unemployment, though the lettings market was forecast to remain “firm” and mortgage lending was expecting to stay “subdued”.