From This is Money:
Rics’ report has shown a dramatic turnaround this year, with just 18.1% more surveyors reporting falling house prices in June, compared to 76.2% in January.
This is the most positive reading for prices since September 2007, but improvements are coming from record lows with agents still only selling just over one property per week.
The prediction that prices will rise follows a run of more positive datas for the property market in recent months.
However, a report released today by accountants PricewaterhouseCoopers says this may be a ‘false dawn’, with prices falling further next year and flat in 2011.
The study suggests the market may not recover its highs until 2020 or beyond.
– Why are mortgage rates up?
Rics says a shortage of properties for sale and growing buyer interest led to the balance of surveyors who believe prices will rise over the next three months turning positive for the first time since May 2007.
Its survey showed 6% more of its estate agents expecting p…