The number of property sales transactions is expected to rise towards the end of the year, but property prices are likely to continue to fall according to the Royal Institute of Chartered Surveyors’ latest housing market survey.
Greater mortgage availability and recent Government lending initiatives may have played a part inan increase in expected property sales towards the end of the year.
However, the survey also suggests that 9% more surveyors’ expect house prices to fall over the next three months and the housing market remained largely flat during the month of September.
House prices have continued to fall across the country except London in the last few months, and are not expected to rise again before the end of the year.
Peter Bolton King, RICS Global Residential Director said:
“ Prices are still dipping but at a much lower rate than seen in previous months.
"Problems still exist and more needs to be done to get the market moving. Unrealistic expectations on the part of vendors seem to be stalling the transaction process. Meanwhile, although the funding for lending scheme appears to be improving mortgage availability, those at the very bottom of the housing ladder are still struggling.”
A recent report by MoneySupermarket said that the number of mortgages available to buyers has increased since April when the Funding for Lending scheme was announced.
The scheme is aimed at making £80 billion worth of low cost funds available to lenders who offer commercial and personal lending facilities.