Rics: Housing market will face challenges in 2010

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Rics: Housing market will face challenges in 2010

A number of challenges will be faced by the housing market next year, according to one industry body.

The Royal Institution of Chartered Surveyors (Rics) stated that these include the "imminent removal" of the extended zero rate stamp duty band.

In addition, it suggested that a potential rise in the Bank of England's base rate of interest could have an effect on the mortgage market, as the current level of 0.5 per cent has helped to keep the cost of home finance low for a great number of homeowners.

The Bank's Monetary Policy Committee is set to take its next decision on whether to raise, lower or maintain the base rate of interest at its present level on December 10th. It has stood at 0.5 per cent since March 5th.

Rics concluded: "Accessibility is already a major issue, with most traditional metrics of value highlighting the difficulty new entrants to the market have in taking a first step on to the property ladder."

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