House prices rise for third consecutive month

November 12, 2015

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/

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Minister Accepts Supply-Demand Pressures Increasing Rents

In response to comments by Treasury Minister, Emma Reynolds MP, that rental prices “are ultimately determined by the total supply of housing, relative to demand”, Ben Beadle, Chief Executive of the National Residential Landlords Association, said: “The Minister is right. Rents are going up because there are simply not enough properties to meet demand, and…
Read More →
Breaking News

The Property Redress annual report

50% of cases resolved through early resolution despite 20% rise in complaints, 56% increase in amount awarded for decisions and 31% rise in agency expulsions  The annual report on complaints received against their property agent members by Property Redress is released today. In its eleventh year, the report from the UK’s largest lettings redress provider…
Read More →
Breaking News

Foxtons Full Year Results 2024

47% earnings growth1 driven by significant Sales market share gains2 and strong returns from Lettings acquisitions. Next phase of the growth plan now firmly in focus. Foxtons Group plc (LSE:FOXT) (“the Group” or “Foxtons”) has delivered another year of growth. Strengthened operational capabilities, combined with strong returns from Lettings acquisitions, have underpinned 47% earnings growth. The Group…
Read More →
Estate Agent Talk

What is commonhold? What estate agents need to know

Mark Chick, director of ALEP and a Partner at Bishop & Sewell LLP On Monday 3 March, the government published a Commonhold White Paper and announced plans to bring the sale of new leasehold flats to an end. So what does this mean for the sale of leasehold properties, both now and over the next…
Read More →
Estate Agent Talk

Roller Garage Doors: 7 Essential Buying Tips.

Roller garage doors vary in quality, design, and the components used. Recognising these variations is essential when making a purchase, as it ensures you choose a product that provides long-term benefits. Here are seven key factors to consider: 1. Environmental Impact For superior insulation, sectional garage doors may be a better option, even though roller…
Read More →
Breaking News

Glenigan Construction Index: Pockets of regional resilience, do little to offset faltering confidence

The value of underlying work starting on-site during the three months to February decreased 6% and remained 17% below 2024 levels as activity remains relatively stagnant Lowered expectations on economic recovery dent residential construction, with starts down 10% on the preceding three months, slashed by 14% against 2024 figures Non-residential project starts decreased 2% against…
Read More →