20
Feb
Rics chief downbeat about housing market
The Royal Institution of Chartered Surveyors (Rics) has stood by
its previous forecasts of a troubled housing market in the coming
months.
Speaking at the Reuters housing summit, chief economist Simon
Rubinsohn said the industry body maintained its opinion of a zero
per cent house price forecast for 2008.
He also warned of factors that could edge the risks on the
"downside of zero", such as fewer enquiries from new buyers.
However he also underlined his belief that the economy was fairly
resilient and there would be some improvement by the end of the
year.
"They [our models] are suggesting that the risks are on the
downside of zero," he told the summit in London.
Mr Rubinsohn also warned house builders could be reluctant to go
ahead with projects, threatening national targets of three million
new homes by 2020.
Rics also said in its monthly housing market survey that the number
of number of its members reporting a fall rather than a rise in
prices increased in January.
