U.K. Housing Shortage Will Limit Price Drop in 2011, RICS Says
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U.K. house prices may extend their drop into 2011 before “stabilizing” as a supply shortage helps to limit declines, the Royal Institution of Chartered Surveyors said.
Indicators “point to the downward trend stabilizing in the spring with prices actually beginning to creep upwards again before the end of the year,” the group said in a statement in London today. Prices in the fourth quarter of 2011 may be a “negligible” 2 percent lower compared with current levels.