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House Prices Continue To Climb

Wed, 11 Nov 2009
House prices in the UK will continue to rise in the short term, according to the Royal Institution of Chartered Surveyors (Rics).

The group’s latest monthly survey of the housing market revealed that the balance of surveyors reporting rises rather than falls in property prices stood at a positive reading of 34 per cent in October, up from 20 per cent the previous month and the strongest ratio since December 2006.

In London, RICS members were even more positive, with 95 per cent of surveyors reporting price hikes instead of falls, the highest level recorded since December 1996.

The survey also showed some evidence that vendors are beginning to return to the market, with a net balance of 15 per cent of surveyors reporting that new instructions had increased in October, compared to just 5 per cent in September.

However, RICS said demand from buyers was still outstripping supply and this was likely to keep pushing prices up.

RICS spokesman Jeremy Leaf said: "Although the supply of property is beginning to pick up, it is still insufficient to keep pace with the increase in demand, which points to further price gains in the near term."

"Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first time buyers despite the large deposits still being demanded by lenders ."
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