House prices rise as property shortage persists

mystic_trev

House prices are still being driven up by a relative shortage of properties for sale, says the Royal Institution of Chartered Surveyors (Rics).

Its latest monthly survey, for November, suggests that prices have risen for the fourth month in a row.

The number of surveyors reporting price rises outstripped those reporting falls, with a positive balance of 35%

http://news.bbc.co.uk/1/hi/business/8412399.stm

The seemingly inexhaustible demand for property meant that house prices continued to rise last month, despite a fresh supply of stock coming on to the housing market.

The proportion of estate agents reporting an increase rather than a decrease in house prices was at its highest for three years, according to figures from the Royal Institution of Chartered Surveyors (RICS).

The figures show that 35 per cent of surveyors reported rising rather than falling prices in the past three months, up from 34 per cent in October and the highest quarterly reading since November 2006.

http://www.timesonline.co.uk/tol/money/property_and_mortgages/article6956613.ece

Really2

If there is no shortage of housing for people where they need them could any one explain this?

Looks like builders will be able to get building in decent numbers again next year if this holds up.
I am not even sure now we will see a fall back of prices over winter now.

One crazy year, will next be so unpredictable?

doire_2

Is this rise UK wide or just the SE of England?

pickledpink

doire wrote: »

Is this rise UK wide or just the SE of England?

The South East is rising, but then it never really dropped that much in the first place. It never does.

The South East always has - and always will - hold its price.

How's it doing elsewhere, then?

Really2

doire wrote: »

Is this rise UK wide or just the SE of England?

All RICS registered chartered surveyors across the the UK.

Emy1501

I Live on South London/Surrey Borders and can show people at least 5-10 3+ Semis on between 300-450K which have been on for 9 Months Plus. There is no shortage of properties just a shortage of sellers willing to sell at a reasonable prices.

Whether this continues we will have to wait and see. I suspect though that once SMI stops/is reduced in June then a few forced sellers will join the market.

pickledpink

Emy1501 wrote: »

I Live on South London/Surrey Borders and can show people at least 5-10 3+ Semis on between 300-450K which have been on for 9 Months Plus. There is no shortage of properties just a shortage of sellers willing to sell at a reasonable prices.

Whether this continues we will have to wait and see. I suspect though that once SMI stops/is reduced in June then a few forced sellers will join the market.

Show us, then!

Emy1501

pickledpink wrote: »

Show us, then!

Use property bee and rightmove and search Surrey etc in the price range and you won't have much problem finding the houses.

Emy1501

Am I missing something. Reading RICS report it suggests that 35% of surveyors say prices are higher than 3 months ago. 55% say they are the same and 10% say they are lower. So does that not mean that 65% of surveyors do not think prices are higher than 3 months ago? How does that translate that prices have risen this month?

I suspect I am reading it wrong?

chucky

Emy1501 wrote: »

Am I missing something. Reading RICS report it suggests that 35% of surveyors say prices are higher than 3 months ago. 55% say they are the same and 10% say they are lower. So does that not mean that 65% of surveyors do not think prices are higher than 3 months ago? How does that translate that prices have risen this month?

I suspect I am reading it wrong?

that seems a lot - in the South East only 3% of surveyors reported falls and in London only 7%... :rolleyes:
http://www.rics.org/site/download_feed.aspx?fileID=5391&fileExtension=PDF

Emy1501

So only surveyors reporting prices have actually risen in the SE and London and in London the number of surveyors reporting rises has fallen. Pretty much everywhere else its no change or falling.

So when you read the headline its not actually the true picture then.