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House price rise has stalled says RICs

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The latest RICS (Royal Institute of Chartered Surveyors) house price survey shows that house prices have stalled as increased supply has put pressure on prices.

As prices rose in 2009 many commentators suggested this was a false dawn created by a lack of supply in the market – those commentators will see this as the first stage in their projections playing out.

Overall market activity is still relatively slow as buyers are concerned with the prospect of tax increases, interest rate rises and the low avasilability of competitive mortgage products.

RICS spokesperson Jeremy Leaf said: ‘Most market indicators are still positive and consistent with further house price increases. However the magnitude of the gains going forward is likely to continue to ease reflecting the fact that new supply coming onto the market is starting to outstrip fresh demand.’

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