House Prices Set To Rise Over Next 5 Years
The Royal Institute Of Chartered Surveyors has said that house prices could rise by 25% over the next 5 years in a new report issued over the last couple of days. The acute shortage of homes and the number of buyers looking is causing prices to rise making homes even more unaffordable for many young people.
According to estate agents the number of properties coming onto the market had dropped to it's lowest level since records began in 1978. The problem is most acute in London where the average number of homes coming to the market has dropped by 12% in 2015.
With a sluggish start to the year caused by Christmas and the general malaise in the market the property market has seen a lot of activity and prices are on the increase again. April saw prices increase and May and June has also seen prices increase. Many economists believe that the market will rise more than 25% over the next 5 years because a Conservative government is very good for the housing market.
The average price of a home across the UK now stands at £195,000. It is not just the housing market that is seeing price hikes. The letting's market has seen rents rise to unsustainable levels as agents complain that there are not enough homes to rent out.