News

Shortage of homes in the UK pushing prices higher, says latest RICS report

March 03, 2014

A shortage of homes coming onto the UK housing market is seriously hampering growth and pushing prices higher in many parts of the country, according to the latest report from the Royal Institution of Chartered Surveyors (RICS).
During January, the number of houses coming up for sale across the UK hit its lowest point since July 2012, despite the amount of potential buyers continuing to surge ahead in most areas.

However, the market survey also points out that despite vendor numbers not having seen any sustained increase for some months, some surveyors believe that supply is expected to increase during the traditional spring bounce.

Last month, with the gap between listless supply and rising demand not seeing any considerable change, prices continued to grow in every part of the UK.

During January, a net balance of 53% more respondents across the country reported growing prices and the cost of a home in the UK has now been rising for just under a year.

The report also shows that the number of homes sold per chartered surveyor reached 21.1 over the preceding three months. Although historically relatively low, this represents a sizable increase on the same time last year when respondents were selling a mere 16.

Across the UK, the biggest increases in activity have been seen in the South West and Yorkshire and Humberside where sales numbers jumped 50% and % respectively since January last year.

A shortage of homes coming onto the UK housing market is seriously hampering growth and pushing prices higher in many parts of the country, according to the latest report from the Royal Institution of Chartered Surveyors (RICS).
During January, the number of houses coming up for sale across the UK hit its lowest point since July 2012, despite the amount of potential buyers continuing to surge ahead in most areas.

However, the market survey also points out that despite vendor numbers not having seen any sustained increase for some months, some surveyors believe that supply is expected to increase during the traditional spring bounce.

Last month, with the gap between listless supply and rising demand not seeing any considerable change, prices continued to grow in every part of the UK.

During January, a net balance of 53% more respondents across the country reported growing prices and the cost of a home in the UK has now been rising for just under a year.

The report also shows that the number of homes sold per chartered surveyor reached 21.1 over the preceding three months. Although historically relatively low, this represents a sizable increase on the same time last year when respondents were selling a mere 16.

Across the UK, the biggest increases in activity have been seen in the South West and Yorkshire and Humberside where sales numbers jumped 50% and % respectively since January last year.