Number of Surveyors Reporting Rise in House Prices Hits 11-year High

The proportion of chartered surveyors reporting a rise in house prices has hit an eleven-year high, with 57% reporting rises, the highest reading since June 2002 according to the October’s RICS Residential Market Survey.

Number of Surveyors Reporting Rise in House Prices Hits 11-year High

The survey details that this increase in price rises in September is a result of the introduction of the Help to Buy initiative, which is said to have produced an imbalance between supply and demand, as the number of would-be-buyers rises, yet housing stock remains low.

The report also declares that the number of homes sold rose dramatically last month, with chartered surveyors selling an average of 20.3 homes in the three months to October, the highest amount since February 2008.

Transaction levels were also said to have increased throughout almost every region in the country; further evidence that the market recovery is becoming just as prevalent throughout UK regions as it is in the capital, London.

Evidence from the survey also suggests that this boom is set to stay, as indicated by the survey’s quantitative measures which show that over the coming twelve months, prices are expected to increase by 3% and by 4.5% per year for the next five years. Respondents express a similar confidence, with 64% expecting prices to rise over this five year period.

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