House prices rise for third consecutive month
The latest UK Residential Market Survey from the Royal Institution of Chartered Surveyors (RICS) found that in October house prices have risen across all parts of the UK for the third consecutive month and that they are expected to rise by 4.5% per annum, over the next five years .
East Anglia has consistently seen the fastest rises over the last three months and 91% more chartered surveyors reported seeing a rise rather than fall in prices in October.
The supply of new stock to the UK market has been in decline since the middle of 2014, with the number of new instructions only increasing in one of these months.
Demand in the Uk lettings market continues to outpace supply in the three months to October. This has been the trend nationally for some time, with the growth in demand outstripping that of supply since 2009.
Commenting on the findings, RICS chief economist Simon Rubinsohn said: “It is hard to get away from the issue of supply when it comes to the current state of the housing market.
“The legacy of the drop in new build following the onset of the global financial crisis is now really hitting home, with both the sales and letting markets continuing to show demand outstripping supply on a month by month basis.“
He continued: “If the five-year projections from our Yorkshire and Humber members, regarding the outlook for both prices and rents is anything to go by, property is set to become even more unaffordable going forward; making the Government’s focus of boosting the delivery of new homes absolutely critical.“
More details of the report can be seen on the RICS website: https://bdaily.co.uk/industrials/12-11-2015/rics-data-exposes-regions-rising-house-prices/
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