4
Jan
RICS: "Increasing momentum" in the housing market
There is increasing momentum in the housing market, according to an
expert from the Royal Institution of Chartered Surveyors
(RICS).
Oliver Gilmartin, senior economist at the body, made his remarks
after the Bank of England published figures regarding mortgage
approvals.
He said that Bank data suggests a "gradual improvement" in the
lending environment will take place over the coming months.
Mr Gilmartin also asserted that mortgage approvals have been rising
"consistently" for a 12-month period.
"Today's figures support our view that increasing momentum in the
housing market will see further rises in house prices during early
2010," the RICS representative asserted.
He concluded by noting that further price gains are likely to take
place in the near term as a result of the current "imbalance"
between supply and demand.
The Bank's figures showed that lending to individuals rose by
£1.1 billion in November, with net lending secured on
dwellings increasing by £1.5 billion.