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UK house prices to rise 25% over five years


UK house prices have been predicted to rise by 25% over the next five years as demand continues to outstrip supply.

The Royal Institute of Chartered Surveyors (Rics) has claimed that the supply of homes for sale have fallen to their lowest levels since records began in 1978. They have measured this via the average number of houses on a chartered surveyors books, which has fallen to 52,which is a drop of around 12% since the start of 2015. At the same time, new buyer inquires have increased at their fastest rate in more than a year.

Top economists, such as Halifix’s houing economist, Martin Ellis, has warned that housing supply still remains “extremely tight”. He said:

“The imbalance between supply and demand is likely to continue to push up house prices over the coming months.”

Simon Rubinsohn, chief economist at Rics, said: “There had been some hope that the removal of political uncertainty would encourage more properties on to the market, but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices across much of the country are continuing to be squeezed higher, with property set to become ever more unaffordable.”

Rics members have also predicted rent rises at an average of 3% over the next 12 months, which reflects that fact that the demand for rental properties has continued to increase.

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