Monday, 22 June 2015

House prices rising due to reduced availability

A recent survey by the RICS (Royal Institution of Chartered Surveyors) has found that house prices rose in April, mainly due to a reduction in the number of people putting their home up for sale.
The number of homes being placed on the market has fallen for the third month in a row, the fastest rate of decline seen since May of 2009.
Surveyors across the country reported an increase in house prices for the first time since August 2014, and over 70% of surveyors expect to see prices continuing to rise for the forthcoming 12 months.
The findings were attributed in part to pre-election uncertainty, but also a reflection of 'deeper underlying problems'.
Chief Economist at RICS, Simon Rubinsohn, said: "It is conceivable that the decisive outcome to the election could encourage a pick-up in instructions to agents and ease some of the recent upward pressure on house prices, but it is doubtful that this will be substantive enough to provide anything more than temporary relief."
RICS’ Head of Policy, Jeremy Blackburn, commented: "We need a coherent and coordinated house building strategy across all tenures."
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