The Royal Institute of Chartered Surveyors (RICS) has recently predicted that, by the end of this December, house prices in the UK will be 6% higher than they were at the start of 2015.
The average UK house price sat at £272,000 as December 2014 drew to a close, and RICS expects this to have increased by more than £16,000 by the end of this calendar year. An increase in demand for housing and a tightening of supply has been the central cause for this increase: the number of homes on the market remains lower than it has been for thirty years, but low mortgage rates and recovery of the jobs market are supporting a rapidly growing demand from prospective buyers.
Though this growth is evident across all areas of the UK, certain places are seeing a much greater increase than others – the cost of property in Northern Ireland is anticipated to have risen by upwards of 11% this year, in contrast to the north-east of England, where surveyors predict an increase of only 3%.
The rising house prices have also affected RICS’ forecast for total number of property sales in 2015; whilst the level of inquiries from new buyers has continued to rise over the past five months, RICS have revised their original prediction of sales totalling £1.25m down to only £1.2m.
If you’re looking to buy, sell or rent a property, or if you are seeking helpful, commitment free advice, please don’t hesitate to get in touch with our expert team here at Autograph Estate Agents in Devon today.