A shortage of homes for sale has reignited house price growth as buyers return to the market, research showed today.
A balance of 14 per cent of estate agents reported seeing price rises rather than falls across Britain and Northern Ireland during February, compared with just 7 per cent in January, according to the Royal Institution of Chartered Surveyors (RICS).
Northern Ireland and Scotland continued to see the strongest gains, while there were also upward shifts in price growth across the South West and South East.
But in London, property price falls were reported for the sixth consecutive month, with 28 per cent more estate agents reporting a drop in values than those who saw a rise.
RICS said the increase in prices seen across most of Britain and Northern Ireland was being driven by a fall in the number of homes being put up for sale, with a balance of 8 per cent of estate agents reporting a drop in supply during February.
The number of new homes being put on the market has now fallen in six out of the past seven months, with anecdotal evidence suggesting the drop in new instructions is worse in areas where there is political uncertainty.
At the same time, demand appears to be stabilising following seven consecutive months in which it has fallen, with new buyer inquiries rising in most areas of the country.
The mismatch between supply and demand has once again started to apply upward pressure on property values.
Price expectations for the coming three months have increased from a balance of just 3 per cent of estate agents expecting rises to 10 per cent, despite the uncertainty caused by the General Election.
London was the only region in Britain and Northern Ireland where estate agents expect there to be further price falls in the short term, although they are more upbeat about the long term.
The number of new houses coming onto the Welsh market fell in February, according to the latest RICS UK Residential Market Survey with 11% more surveyors reporting a decline in supply.
While nationally the price of new homes rose slightly (net balance 3%), house price growth in Wales remained flat from January, with 10% more surveyors seeing the price of homes in the region rise.
Price expectations over the next three months have slightly increased in Wales, and it seems that the anecdotal evidence suggesting that political uncertainty may be leading to the ‘election effect’ of vendors sitting on the fence is apparent in Wales, with the member forecast for house price growth over the next 12 months remaining stagnant at 1.6% (up from 1.4% in January); however, the five year view is for 3.5% house price growth.
A balance of 14 per cent of estate agents reported seeing price rises rather than falls across Britain and Northern Ireland during February, compared with just 7 per cent in January, according to the Royal Institution of Chartered Surveyors (RICS).
Northern Ireland and Scotland continued to see the strongest gains, while there were also upward shifts in price growth across the South West and South East.
But in London, property price falls were reported for the sixth consecutive month, with 28 per cent more estate agents reporting a drop in values than those who saw a rise.
RICS said the increase in prices seen across most of Britain and Northern Ireland was being driven by a fall in the number of homes being put up for sale, with a balance of 8 per cent of estate agents reporting a drop in supply during February.
The number of new homes being put on the market has now fallen in six out of the past seven months, with anecdotal evidence suggesting the drop in new instructions is worse in areas where there is political uncertainty.
At the same time, demand appears to be stabilising following seven consecutive months in which it has fallen, with new buyer inquiries rising in most areas of the country.
The mismatch between supply and demand has once again started to apply upward pressure on property values.
Price expectations for the coming three months have increased from a balance of just 3 per cent of estate agents expecting rises to 10 per cent, despite the uncertainty caused by the General Election.
London was the only region in Britain and Northern Ireland where estate agents expect there to be further price falls in the short term, although they are more upbeat about the long term.
The number of new houses coming onto the Welsh market fell in February, according to the latest RICS UK Residential Market Survey with 11% more surveyors reporting a decline in supply.
While nationally the price of new homes rose slightly (net balance 3%), house price growth in Wales remained flat from January, with 10% more surveyors seeing the price of homes in the region rise.
Price expectations over the next three months have slightly increased in Wales, and it seems that the anecdotal evidence suggesting that political uncertainty may be leading to the ‘election effect’ of vendors sitting on the fence is apparent in Wales, with the member forecast for house price growth over the next 12 months remaining stagnant at 1.6% (up from 1.4% in January); however, the five year view is for 3.5% house price growth.
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