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London Property Market News: Property sales likely to rise in 2012
The sales of properties could be set to rise over the next year, though will remain largely unchanged according to the latest report from the Royal Institution of Chartered Surveyors (RICS).
In its Housing Market Forecast, the body suggests that prices could see a slight fall but states that the low level of supply is likely to continue into 2012, stabilising prices and preventing "significant declines".
But RICS believes that transaction levels will see a "slight resurgence" and rise to around 880,000, which is close the level of activity seen in 2010.
Simon Rubinsohn, RICS chief economist, stated: “The lack of supply in the market is likely to prevent any significant house price declines.
"Transaction levels should see a slight increase, although mortgage lending is likely to remain subdued which will limit the scope for improvement. As a result of this, the lettings market will remain firm which means that rents are likely to increase further, albeit at a slower pace than in 2011."
The National Association of Estate Agents (NAEA) have also predicted a mini property resurgence in 2012.
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