According to a report by the Royal Institution of Chartered Surveyors (RICS), house prices in the UK are expected to continue to rise well into the new year. A recent survey shows that sellers are returning to the market in greater numbers, but despite this increase, sellers are still outnumbered by potential buyers.
Prices are currently 4.1 percent lower than they were a year ago, but rose 1.2 percent in September – the fourth straight month of increases putting the average house price at Ã‚Â£199,303, or $333,414 USD.
“Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term,” said Jeremy Leaf of RICS.
“Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders,” he added.
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