The Royal Institute of Chartered Surveyors (RICS) has recently predicted that by the end of 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 at the end of 2014, and RICS expects this to have increased by more than £16,000 by the end of this year. An increase in demand for housing and a tightening of supply has been the cause for the 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 have supported the greater demand from buyers.
Though this growth is evident in all areas of the UK some places are seeing a much greater increase – the cost of property in Northern Ireland is anticipated to have risen by 11% this year, in contrast to the north-east of England where surveyors predict only a 3% increase.
The rising house prices have also affected RICS’s forecast for total number of sales in 2015. Whilst the level of enquiries from new buyers has continued to rise over the past five months, RICS have revised down their original prediction of sales totalling 1.25m to 1.2m
If you’re looking to buy a property, now is the time! Get yourself on the property ladder before prices raise any further. If you’re looking to sell, you’re in luck, as these prices continue to rise your properties look to give you a great return on investment. Whatever your interests, buying selling or renting a property, or if you are seeking advice, please don’t hesitate to get in touch with the expert team at Autograph Estate Agents.