RICS says, House prices to move up in 2014,
UK house prices will rise by an average of eight per cent in 2014 says the Royal Institution of Chartered Surveyors (RICS). This is believed to be due to a lack of supply of properties for sale.
RICS said that the biggest obstacle facing the residential property market is the imbalance between supply and demand in the industry. UK house prices are forecasted to grow by another 10% in 2014 due to continued lack of property supply.
It mentioned that the number of houses being built is "insufficient to address the more rapid growth in population."
The housing market has ended the year growing quickly, with mortgage lending up 30 per cent in November and total borrowing for the year ahead of expectations.
The organisation said the severe shortage of new houses coming onto the market for sale will not meet the growing demand generated by government schemes to help boost the property market such as the Help to Buy scheme.
RICS said all parts of the country could see price increases but it will be London at 11 per cent that gains the most. It established property prices have increased by five per cent in 2013, helped by the Help to Buy and Funding for Lending Scheme (FLS), which has now been withdrawn from the residential market.
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