GROWING DEMAND, SHORT SUPPLY RAISE HOUSE PRICES – RICS

     

Houses prices in the United Kingdom continue to be squeezed higher by growing demand and contracting supply, according to the latest residential market survey from the Royal Institution of Chartered Surveyors. According to propertywire.com, the report shows that while 44 per cent more chartered surveyors saw prices rise in July, supply to the market continued the declined with 22 per cent more surveyors reporting a drop in new instructions. Additionally, the shortage of housing inventory worsened further during July, with the average number of properties for sale per surveyor slipping to a record low. Consequently, all areas of the UK are projected to see sizeable house price gains over the next 12 months, with confidence most elevated in East Anglia and Northern Ireland.