- 3 updates
House prices predicted to rise by 5% in five years
Housing market sales were at their strongest in nearly six years in the run-up to Christmas, with surveyors predicting it will begin to "thrive once more". Prices are expected to rise by 5% by 2019, the Royal Institution of Chartered Surveyors said.
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Warning of 'unsustainable' housing market
The housing market could collapse again if new homes are not built, an industry chief has warned.
Peter Bolton King, Rics global residential director, said:
House price rise 'highest in London and South East'
The capital and South East experienced the most pressure on house prices at the end of last year, research from surveyors found.
According to the latest report from the Royal Institution of Chartered Surveyors (RICS):
- Every area of the UK saw house prices rise, but London and South East experienced the most upward pressure on prices.
- Surveyors predict that both sales and values will continue to move firmly upwards through 2014.
- RICS believe this will be driven by lenders relaxing their borrowing conditions, meaning more people with low deposits will be able to buy a home.
- The property recovery was continuing "full steam ahead", with an upbeat outlook for the cost of property now visible in areas such as Northern Ireland, which has seen prices start to stabilise in recent months.
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House prices predicted to rise by 5% in five years
The price of housing is expected to rise by 5% by 2019, the Royal Institution of Chartered Surveyors (RiICS) has said.
Research carried out by the surveyors painted a rosier picture of the UK housing market, saying it was beginning to "thrive" again after the 2008 crash.
However, they warned that there was much more demand than the current supply of housing stock could meet and prices risk becoming "unsustainable".
On average, most surveyors made just over 21 property sales in the three months to December, marking the highest average seen since spring 2008.