House prices are going up as more people are looking to buy, a new report reveals.
RICS UK Residential Market Survey found that buyer enquiries in the district rose in March, but the number of properties coming onto the market remained low, pushing prices rapidly upwards.
The supply versus demand imbalance led to 20 per cent more surveyors reporting a rise in house prices in March (up from 13 per cent in February) and eight per cent more surveyors expecting prices to increase over the next three months compared with minus two per cent in February.
Jeremy Blackburn, Head of Policy, said:
“The Conservative Party’s proposal this week to extend Right-To-Buy will help relatively small numbers of tenants to move into home ownership, without doing anything to solve the shortage in overall housing supply. Aspirational home ownership is at the core of our economy but we must ensure that we have a future stock across all tenures and particularly for those on lower incomes. The proposed brownfield fund is a welcome means to unlocking land supply for more houses to be built in the next Parliament however, it still falls short of a comprehensive housing strategy.”