Slow house market tempered by a rise later

Slow house market tempered by a rise later

Wednesday, May 14, 2003

The ever-decelerating housing market will slow further this year with prices likely to rise just 10 percent in 2003 compared with 25 percent last year, according to the latest report from the Royal Institute of Chartered Surveyors.

Buyers remained cautious awaiting the end of the Iraq war the report says. Southern regions of the UK lead the downturn in the market and surveyor confidence is negative for the next three months.

The institute thinks the housing market is still a safe bet for investors, but for first-time buyers the ever-widening financial gap made taking the first step on the property ladder increasingly difficult.

RICS says that a rising inequality of income, combined with low levels of house building, were contributing to first-time homes becoming increasingly out of reach of key workers. Low paid and private sector employees were having to fund increasingly higher deposits in order to afford their first property.

The report points out that now that the war has ended and with low interest rates combined with continuing employment prospects there will be further price rises later in the year.

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