Property price growth in April
Property price growth accelerated in April as the number of properties being listed on the market fell to a six-year low.
Recent research shows a third of estate agents saw an property price growth during the month, the highest level since the summer of last year, according to the Royal Institution of Chartered Surveyors (RICS).The rise was fuelled by the continuing shortage of homes for sale, with new instructions falling at their fastest rate since May 2009.
21% of estate agents reported a drop in new vendors, the eighth decline in the past nine months, with the shortage seen across the whole country. Meanwhile, there was a slight increase in buyers, with 4% of estate agents reporting a rise in new enquiries.
There was a noticeable U-turn in London, where 28% of estate agents reported price rises, compared with 6% who recorded falls in March.
But across the whole of the UK only 16% of estate agents expect house prices to rise in the next few months, although 72% are more confident that values will be higher in a year’s time at. Meanwhile, in the rental sector demand from potential tenants showed no sign of slowing, leading to expectations of further rent increases.
RICS said while anecdotal evidence suggested some of the fall in homes being put up for sale and high tenant demand was due to uncertainty ahead of the General Election. Now post the election, stability and confidence should increase with new property instructions following suit.
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