Calmness needed in housing market, says RICS

Statistics from the Land Registry have shown that house prices rose in January, it has been revealed.

Royal Institute of Chartered Surveyors (RICS) chief economist Simon Rubinsohn noted that there are doubts about whether or not this trend can be sustained.

He stated the need for calm on the back of the figures, adding that there was no point in putting a lot of emphasis on the "monthly volatility in the numbers".

According to Mr Rubinsohn, there is a definite increase in regional variations that can be observed from the data - with the annualised augmentation of house prices making it difficult for first-time buyers to get a foothold on the property ladder.

RICS expects to see the cost of buying dwellings "edge upwards" over the next few months, with the process stabilising in the latter part of the year.

It was recently announced by the company that fewer people now own their own homes - with 2003 being the peak year for owner-occupancy.