London house price rises continue say RICS
House prices are still rising in London caused by fewer instructions to sell and rising buyer demand, the number of homes coming on to the market remains at its lowest level in at least three decades, according to the latest RICS UK Residential Market Survey,
In London 34% more respondents saw prices rise over the last three months, with 38% more expecting prices in the capital to rise in the next three months, for the UK as a whole the RICS price indicator reached a 16-month high in August, with a net balance of 53% more respondents reporting price rises and firm growth being seen across all areas of the UK.
The RICS latest view of the market showed the proportion of surveyors reporting house price rises reached a 15-month high in August, seeing solid growth in all areas of the UK.
In the lettings market, tenant demand rose at a steady pace for the eighth successive month, rents are expected to increase with 34% of respondents predicting a rise in rents during the next three months.
RICS chief economist, Simon Rubinsohn reportedly said: “Given current market conditions, the latest data unsurprisingly shows house prices continuing to rise, and at an accelerating pace.
“As such, house price inflation across the UK has now quickened in each of the last seven months following a sustained period of easing towards the latter half of 2014.
“And there is good reason for this trend to be sustained into next year, however uncomfortable that may be for those looking to enter the market, given that so many of our members are telling us that they are struggling to replace the stock they have sold.”
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