House Prices Expected To Rise 25%

Having a shortage of houses combined with an increasing demand in Britain was never going to end well. This combination has led to house prices being driven to dizzying heights which, for many, are not affordable.

According to a recent Royal Institution of Chartered Surveyors (RICS) Residential Market Survey, UK house prices are predicted to become ‘ever more unaffordable’. Experts have predicted a 25% rise over the next five years in prices, largely due to the shortage of homes for sale.

"While 34% more surveyors saw prices rise in May (the same month in which the Nationwide Building Society estimated that the average price of a home in the UK has now climbed to £195,000), supply to the market declined for the fourth consecutive month with 19% more surveyors reporting a drop in new instructions."

RICS added that an anticipated post-general election "supply bounce" had failed to materialise with the average stock of houses per surveyor now stands at 52, down by around 12% since the start of 2015.

David Gascoyne, Sales and Lettings Manager said “ At the same time as this, new buyer enquiries increased at their fastest rate in more than a year. This has therefore led to house prices to continue to rise”.