Action needed to cope with ‘soaring demand’ for homes
Chartered surveyors have called for urgent action to cope with “soaring demand” from house buyers.
According to the Royal Institution of Chartered Surveyors (Rics) there are not enough houses coming on the market to keep up with the demand. Rics have stated that “rocketing interest” from potential buyers was “dwarfing” the number of properties for sale. The comments from Rics are the results of its latest monthly survey of members, measuring the opinion of 300 chartered surveyors across the country.
It has also been reported that office figures set to be out later are expected to show UK house prices hitting another record high.
It is being said that the governments Help to Buy scheme is one reason behind the soaring demand but the lack of houses being put up for sale is proving problematic.
Chief economist of Rics commented that “the amount of homes currently up for sale is still nowhere near enough to keep up with demand”.
“In order for the market to function correctly, this imbalance urgently needs to be addressed”
Last month’s ONS reported that prices across the country are higher since the survey began in 1968. However, the Land Registry reported that the average house price in England and Wales is £167,063 which is still 8% below its peak in November 2007.