The growth of the UK housing market is being severely restricted by the lack of homes being put up for sale, and this shortage of homes is also causing house prices to rise in some parts of the country.
These are the findings of the RICS January Residential Market Survey, which revealed that the number of houses coming up for sale across the UK hit its lowest point since July 2012. However, despite vendor numbers not having seen any sustained increase for some months, some surveyors note that supply is expected to increase as we enter the traditional ‘spring bounce’.
Looking at transaction figures, RICS found that the number of homes sold per chartered surveyor reached an average of 21.1 over the preceding three months. Although historically relatively low, this represents a sizable increase on the same time last year when respondents were selling a mere 16.
Across the UK, the biggest increases in activity have been seen in the South West and Yorkshire and Humberside where sales numbers jumped 50% and 40% respectively since January last year.
Looking ahead, the more positive outlook continues with a net balance of 32% more chartered surveyors predicting transaction numbers to increase over the coming three months, while expectations for future prices are also strongly positive.
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