Over the past few months property prices have increased; as the widening supply-demand imbalance continues to have an impact on the housing market.
The latest housing survey from The Royal Institution of Chartered Surveyors (RICS) shows that 70% of its members reported an increase in house prices last month. This is up from the 69% reported in September. The latest October survey showed the first increase in the property price balance since May this year.
In addition other reported surveys have also highlighted the rising house price growth since July; when the first phase of the stamp duty holiday came to an end, before it expired in its entirety at the end of September.
Well its a win-win situation as it’s reported that the inventory on the market has slipped back towards historic lows; meaning that there is less competition out there when you’re looking to sell. This lower-than-normal supply will only start to equal out next spring given how seasonal the UK housing market is. Meanwhile this supply/demand imbalance will support prices in the meantime.
Additionally more than two-thirds of surveyors said that they expect house prices to continue rising over the coming year; despite the expectations of higher Bank of England interest rates. The low supply on the market is the central point to both the current price trend and expectations for the next year.
We’ve seen a stronger-than-normal demand in buyers here at Century Residential; which has been boosted by frustrated buyers who were unable to move during the stamp duty holiday.
A positive for any buyers or home movers is that there are ultra-low borrowing costs at the moment in the mortgage market. As well as many lenders relaxing their lending criteria for the first time since the pandemic began.
Our team are dedicated to helping you make your property dreams become a reality. Give our team a call on 01634 570057 to see how we can help you today.