Rics makes 2008 housing market predictions

House prices in the UK are to remain broadly unchanged next year, according to the Royal Institution of Chartered Surveyors (Rics).

In news that may be of interest to those looking to buy a house in Edinburgh, or anywhere else in Scotland, in 2008, Rics predicts that any drop in house prices will not "be extended in duration".

The institution also believes that base rates will be lowered to five per cent during the first six months of 2008.

Next year will also see an increase in the number of repossessions from 30,000 to 45,000, Rics forecasts – which amounts to 123 per day.

Chief economist of the institution Simon Rubinsohn comments: "2008 will prove a difficult year for the housing market, but with falls likely in the base rate, the housing market should be provided with a stable platform."

Edinburgh is currently the most expensive place to buy a house in Scotland, according to the latest Bank of Scotland quarterly house price index, as the average house price is currently £228,212.