Dire Shortage of housing pushing prices up

Posted by Kirstie Brown in Personal Finance on 14 November 2016 - Kirstie is a Senior Credit Analyst at checkmyfile.

After the uncertainty caused by the referendum in June, homebuyers are now slowly starting to return to the property market. However, the Royal Institution of Chartered Surveyors has warned that there is a ‘dire shortage’ of housing in the UK which is continuing to drive up prices.

The much anticipated monthly residential market survey showed that buyer enquiries had increased for the second month in a row, however there has been a further fall in instructions. The number of respondents forecasting that house prices will rise in the next 3 months rose slightly from last year. Over the next 12 months, they are expected to rise further in all areas of the UK except London, where surveyors predict that prices will remain flat. The reason for this is many feel that certain markets are overpriced, with 69% of surveyors in the South East, and 50% in London agreeing that homes there are overvalued.

Simon Rubinsohn from RICS says, “The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit. We are only weeks away from the Autumn Statement and it will be interesting to see what measures - if any - the Chancellor will put in place to increase housing supply and create a more affordable market.”

The government has already launched a new fund to help build around 225,000 homes, and they are expected to announce further news as soon as the Autumn Statement on the 23rd November.

Data released by the Office for National Statistics on 27th October showed that the UK economy expanded 0.5% between July and September, beating analyst expectations for 0.3% growth. However, consumers’ pockets are expected to take more of a hit over the coming months, with analysts forecasting the weak pound to drive up inflation in 2017.

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