National house prices grow RICS UK Residential Market Survey reports
The horizon’s bright for property owners according to news from the latest The Royal Institution of Chartered Surveyors! Buyer demand has continued to increase throughout this year, and falling new instructions to sell are driving national house prices up. The findings of its survey for August 2015 were published recently and look golden.
What the experts say
Michael Hanley, RICS Economist, has amended the expected forecasted house price rise across the country for this year to 6%, a 3% increase from the predicted annual increase at the beginning of the year. The RCIS’ figures are taken from a sample size survey of surveyors across the UK. Predictions for growth are then calculated by the number reporting a rise in housing price in their area minus the proportion reporting a fall in prices.
In August this year the RICS price indicator reached a 15 month high, as a net balance of 53% more respondents reported price rises. Across the UK its expected values will continue to rise for the next few months.
What’s making figures rise?
An imbalance in the market between lower number of property owners instructing property sales and the growing number of would be buyers’ means that demand outstrips supply. As a result house prices have been inflated more quickly this year than in 2014.
What does it mean for the Scottish Market?
It’s good news for Scots. Based on the opinion of surveyors in the local market prices here should continue to rise. 28% of members reported expectations that prices will continue to rise over the next three months in Scotland.
You can follow RCIS on Twitter at @RICSNews.
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