UK Money News
20th December 2007
House prices 'to remain stable in 2008'
UK house prices in 2008 are likely to remain stable, according to the predictions of one personal finance body.
The Royal Institution of Chartered Surveyors (Rics) states that any drop in house prices is unlikely to be of an extended nature.
Providing evidence to support its assertions, the organisation states that the Bank of England has already indicated its intention to ensure the continued health of the economy by cutting interest rates earlier this month.
The same action is likely to be taken in the coming months, with rates falling to five per cent before July, Rics forecasts.
Rics chief economist, Simon Rubinsohn said: "2008 will prove a difficult year for the housing market, but with falls likely in the base rate, the housing market should be provided with a stable platform.
"The effect of the credit crunch will dissipate slowly, meaning that those seeking to obtain finance in the first half of 2008 may struggle."
In recent money news, Rics has warned investors seeking help with finance through the property market that Demand has fallen away fro flats, although rents remain solid.
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