House prices in the UK are on the rise as a lack of supply continues to underpin the property market, according to new figures from the Royal Institution of Chartered Surveyors .
The RICS data, published in the latest RICS housing market survey, revealed that 11 per cent more chartered surveyors reported rises rather than falls in house prices during August, the highest level recorded since May 2007 and a significant improvement on the previous month.
RICS said the increase had been driven by price rises in the capital and the South East of England, with figures showing 43 per cent more surveyors in London and 39 per cent more in the South East reporting escalating prices rather than falls last month.
Furthermore, the number of surveyors reporting an increase in new homes coming onto the market rose from just 4 per cent in July to 12 per cent in August.
However, the average number of unsold properties on surveyors’ books also increased slightly, rising from 61 properties to 63.
The RICS data also revealed that in the three months to the end of August, chartered surveyor estate agents managed to sell an average of 17 properties each, the highest level since May 2008.
This was despite the fact that the number of surveyors reporting a rise in enquiries from potential buyers slowed from 61 per cent in July to 49 per cent in August.
Commenting on the findings, RICS spokesperson Jeremy Leaf said: "Although it is clear that house prices are now rising, it continues to be the lack of supply that is underpinning the recovery in most parts of the country."
"The more positive news flow will gradually encourage vendors to start putting property back on the market."
"This development should enable more potential purchasers to find desirable properties to buy but it could also present a challenge to the firmer trend in prices particularly when interest rates finally begin to move upwards."
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Surveyors Report First House Prices Rise In Two Years Thu, 17 Sep 2009
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