14
Jan
"Pent up demand" could lead market recovery
A build up of interested buyers could help drive a property market
recovery in the coming year, it has been suggested.
According to the managing director of haart, Russell Jervis, there
are an increasing number of would-be homeowners registering
interest in the sector - a trend also noted recently by the Royal
Institution of Chartered Surveyors (RICS).
"Average house prices are returning to levels last seen three years
ago, with first-time buyers in particular in a position to take
advantage," he said.
Mr Jervis added that affordability has "greatly improved" but
consumer confidence needs to be boosted if housing market activity
is to increase.
However, this is dependent upon the improved availability of
affordable mortgage finance, he stated.
Mr Jervis' comments follow a recent suggestion by RICS that the
government should issue residential mortgage backed
securities.
This would help homebuyers avoid becoming "frozen out of the
market", the body said.