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Fewer UK homes to be repossessed in 2011

Thursday, 23 December 2010 2:00 PM

The number of home repossessions in Britain could decrease by more than eight per cent next year, according to new research by the Royal Institution of Chartered Surveyors (Rics).

In its latest UK Housing Market Forecast, the group found that house prices would finish 2011 two per cent lower than at the end of this year, while transactions are expected to remain flat.

Although property values are likely to keep sliding over the coming months, falling supply should allow the market to stabilise during the first half of 2011.

By the end of next year, Rics expects prices to be edging upwards again, which could see them return to levels similar to where they are now.

Meanwhile, repossessions are likely to fall back marginally, the group's analysts have said, with the total number forecast to drop from 36,000 in 2010 to 33,000 next year.

Simon Rubinsohn, chief economist for Rics, said: "The narrowing gap between supply and demand will see the gentle downward trend in prices currently taking place at least partly reversed as the year wears on.

"Transactions levels will remain flat as mortgage lending remains subdued for another year with many first-time buyers struggling to meet their aspirations of home ownership."

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