House prices to remain stable

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Their residential market forecasts for 2001/02 predict a fall in house price inflation from 11% to 6% over the year to come, remaining at 6% until the end of 2002.While this does not portend a fall in house prices, it does herald an end to the rapidly rising prices experienced earlier this year. Our economic forecast shows that prices are now coming down after the large rises over the past 18 months, said a spokesman for the RICS. Over the last few months the market has adjusted and our long term forecast, if things dont change drastically in the economy, is that the market will remain stable. The RICS suggests that following the recent boom, the market is still overvalued by up to 7%. Buyers are becoming resistant to high prices and sellers are finding it increasingly difficult to shift their stock; hence the current downward trend

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