Rics not ruling out house price hike - commercial mortgages

13 May 2009

The chief economist of the Royal Institution of Chartered Surveyors (Rics) has not ruled out house price rises in the near future.

Many observers suggest that there is still some time for the price of property to drop before stabilising, but Simon Rubinsohn thinks it is a "hard call" to predict an imminent reversal in the house values.

"It all depends to a large extent on whether or not this lack of supply - which is very visible in our new instructions balance, [and] which every month in the last two years, virtually, has fallen – continues," he explained.

Mr Rubinsohn's comments follow those from the manager of commercial mortgages at Lloyds, Steven Noakes.

In an interview with the Sunday Times last week, the bank boss indicated that house prices are likely to fall by six per cent before levelling off.

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