The price of residential property is set to rise sharply over the next few years, according to the RICS UK Residential Market Survey. The survey reveals that despite growing demand from buyers there are still not enough properties coming onto the market to meet this surge in interest.
According to RICS, the average stock of residential property per surveyor has fallen by around 12 per cent since the start of 2015. Consequently, 38 per cent more surveyors expect to see property prices increase over the next three months, supported in part by the fact that new buyer enquiries rose at the fastest rate in over a year.
RICS Chief Economist Simon Rubinsohn said, “There had been some hope that the removal of political uncertainty would encourage more properties onto the market but the initial indications are that this is not proving to be the case. As a result, it is hardly surprising that prices across much of the country are continuing to be squeezed higher.”
The findings from the latest RICS report is supported by new data from Rightmove showing that asking prices rose to an all-time high in June, up 3 per cent month-month, or almost £8,500, to an average of £294,351, boosted by what it described as ‘a near-instantaneous uplift in buyer demand and an unanticipated post-election drop in fresh property supply’.
With such high demand, it is a great time to put your Edinburgh property on the market.
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Source: Property Drum