House sales set to rise

House sales are set to climb to their highest level since 2007 next year, amid signs that the market is slowly recovering, the Royal Institution of Chartered Surveyors (RICS) predicted today.

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Economist: 'Signs of house sales recovery should not blind us to real problems'

A chief economist at the Royal Institution of Chartered Surveyors (RICS) has said that the UK will see an increase in house sales, "its best level since 2007."

Simon Rubinsohn, RICS chief economist, said:

The amount of sales going through should see an increase across the country, climbing to its best level since 2007, as the funding for lending scheme helps boost the availability of mortgage finance.

But these tentative signs of recovery in the sales market should not blind us to the very real problems that still exist.

Even with the funding for lending scheme and some other government policies beginning to be felt in the mortgage market, many first-time buyers will continue to find it difficult to secure a sufficiently large loan to take an initial step on the housing market.

– Simon Rubinsohn, RICS chief economist

House sales set to climb to highest level since 2007

House prices are likely to remain flat throughout next year Credit: Rebekah Downes/PA Wire/Press Association Images

House sales are set to climb to their highest level since 2007 next year, after signs that the market is slowly recovering, the Royal Institution of Chartered Surveyors (RICS) predicted today.

UK house prices will increase by 2% next year, while rents will rise at double this rate, surveyors have forecast.

RICS said that factors such as a multibillion-pound government scheme to boost lending will result in several improvements in the housing market next year.

This may result in a 3% year on year increase in sales, with 960,000 transactions forecast to take place next year, which would be the highest number since 2007.

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