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| House shortage 'props up prices' | House shortage 'props up prices' |
| (about 2 hours later) | |
| A shortage of homes for sale in the UK propped up property prices in July, according to the Royal Institution of Chartered Surveyors (Rics). | A shortage of homes for sale in the UK propped up property prices in July, according to the Royal Institution of Chartered Surveyors (Rics). |
| In further signs of improved market sentiment, only 8% more surveyors reported seeing price falls than those who said the cost of homes increased. | In further signs of improved market sentiment, only 8% more surveyors reported seeing price falls than those who said the cost of homes increased. |
| This was the lowest figure for two years, the group said. | |
| However, earlier this week Rics had warned that there was little chance of a quick return to a housing boom. | However, earlier this week Rics had warned that there was little chance of a quick return to a housing boom. |
| Mortgage misery | Mortgage misery |
| The latest survey found that 8% more surveyors expected prices to rise rather than fall further during the next three months. Meanwhile 29% more predicted sales levels would increase. | |
| Rics said that the optimism was being partly driven by a rise in interest from potential buyers, as new enquiries about homes rose for the ninth month in a row - though it cautioned that the rate at which they rose was slightly lower than in June. | Rics said that the optimism was being partly driven by a rise in interest from potential buyers, as new enquiries about homes rose for the ninth month in a row - though it cautioned that the rate at which they rose was slightly lower than in June. |
| "Although demand for property is continuing to rebound, it still remains low from a historical perspective," said Rics' spokesman Jeremy Leaf. | "Although demand for property is continuing to rebound, it still remains low from a historical perspective," said Rics' spokesman Jeremy Leaf. |
| "Crucially it is the lack of supply that is helping to underpin prices at the present time. | "Crucially it is the lack of supply that is helping to underpin prices at the present time. |
| "Significantly, the more positive news on prices - at least in some parts of the country - may prompt more properties to come on to the market." | "Significantly, the more positive news on prices - at least in some parts of the country - may prompt more properties to come on to the market." |
| House prices have fallen sharply as the financial crisis has made it harder for would-be buyers to obtain mortgages. | House prices have fallen sharply as the financial crisis has made it harder for would-be buyers to obtain mortgages. |
| And Mr Leaf warned that if mortgage availability remained insufficient to meet the increase in buyer demand, then it was possible "that prices may slip back again especially if unemployment continues to rise and mortgage rates increase". | And Mr Leaf warned that if mortgage availability remained insufficient to meet the increase in buyer demand, then it was possible "that prices may slip back again especially if unemployment continues to rise and mortgage rates increase". |