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RICS: House Prices Continue to Increase in October

A new survey has revealed that house prices increased across most parts of England and Wales in October.

A new survey has revealed that house prices increased across most parts of England and Wales in October.

The survey, carried by the Royal Institution of Charted Surveyors (RICS), indicates that house prices across the UK rose further in October, as 23% of respondents reported a surge in property prices compared to just 18% in September.

 

Gathering responses from 359 Chartered Surveyors, representing 669 branches across the UK, RICS found that respondents from all areas of England and Wales reported rising house prices throughout the month.

 

The highest proportion of surveyors that reported a price increase was seen in the West Midlands with a net balance of 55%; followed by the North West, where 47% of respondents reported a rise in property values.

 

The survey also showed growth in new buyer enquiries for the second month in a row – with an average of 10% of the contributors in England and Wales receiving more enquiries in October than in September.

 

While the demand for new property is growing, the volume of stock available continues to decline across the UK, with more contributors reporting a fall in supply rather than a rise.

 

RICS asserted that the combination of increased demand and a more limited supply of property is a key factor behind the continued growth in house prices.

 

Looking ahead, many of the respondents felt that prices would continue to increase in the next three months, with 18% of those surveyed indicating that they expected values to rise - up from 15% in September.

 

The lettings market also experienced growth in October, with 29% recording a rise in demand in the three months to October, compared to the 10% increase seen in the three months to July.

 

Rental prices are also expected to grow on a national level, with 34% projecting an increase in the next three months, compared to only 15% in three months to July.

 

Commenting on the report, RICS chief economist, Simon Rubinsohn said:

 

‘The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.’

 

While property prices continue to increase across the UK in October, the rental market has seen listings increase by triple figures in some of the UK’s towns and cities.

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