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Thursday, August 13, 2015

Record low levels of property for sale

RICS UK Residential Market Survey for July report higher prices due to squeezed supply.

Surveyors reported their average number of properties for sale per surveyor had fallen to a record low.

Such low levels of supply are expected to push up house prices in all areas of the UK over the next year, with surveyors in East Anglia and Northern Ireland expecting the biggest price rises.

Despite rising prices and short supply, new buyer enquiries rose for a fourth month in row.

Jeremy Blackburn, RICS Head of Policy calls for - 

"coherent and coordinated house building strategy is required across all tenures. This should include measures that will kick-start the supply-side, such as mapping brownfield, addressing planning restrictions and creating a housing observatory to assess the underlying economic and social drivers of housing and provide the impetus for solutions.

The changes brought in through Fixing the Foundations, the Chancellor’s productivity plan, were welcome and refreshingly on the supply side – such as zonal planning, dispute resolution for S106 and local plan enforcement. But these alone are not a strategy for increasing housing supply across all tenures.

In the lettings market, tenant demand continued to rise while landlord instructions, despite increasing slightly, failed to keep pace once more. Consequently, 34 % of respondents expect rents to increase right across the UK with members in the West Midlands (4%) and the South East (3.3%), projecting the sharpest growth over the next twelve months."

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