New instructions continue to fall.
According to the latest market survey from the Royal Institute of Chartered Surveyors (RICS) new instructions continue to fall and the lack of stock is causing unrealistic housing market in parts of the UK
Simon Rubinsohn Chief Economist for the RICS reports house prices continue to rise across the UK driven by an ongoing shortage of new properties coming onto the market.
The report highlighted that price balance remains positive as new instructions continue to fall across the UK, new instructions drop for the 10th consecutive month as stocks on agents books slips to a new record low, prime markets in some areas seeing the impact of last year’s stamp duty change -particularly notable in London.
Buyer demand is outpacing supply across all regions of the UK, this trend has persisted since the beginning of 2014, in November 8% more respondents reported a decrease in new homes coming to the market.
The survey indicated that house prices continue to rise in all parts of the UK. Prices are rising at the fastest pace in East Anglia, the South East and the East Midlands, the rate of house growth in London however is slowing for the fourth consecutive month.
To view report in full: RICS report.