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House prices rise as supply dries up.

Summary: House prices rose during August as a lack of supply continued to underpin the property market.

House prices rose during August as a lack of supply continued to underpin the property market, according to the Royal Institution of Chartered Surveyors.

The group said 11 per cent more surveyors reported price rises during the month than those who said they were falling,. It is the first time the balance has been positive since May 2007.

However, the group also said the national average had been boosted by figures from the south of the UK, with 43 per cent more surveyors in London and 39 per cent more in the South East reporting price rises, rather than falls, during the month.

There were further signs that the recent run of positive data on the housing market is encouraging more people to put their homes up for sale, with a balance of 12 per cent of surveyors saying instructions had increased during the month.

While activity in the market continued to improve, the pace of that improvement slowed, with 49 per cent more surveyors reporting a rise in enquiries from potential buyers, down from 61 per cent in July.

RICS spokesman Jeremy Leaf said: "Although it is clear that house prices are now rising, it continues to be the lack of supply that is underpinning the recovery in most parts of the country. The more positive news flow will gradually encourage vendors to start putting property back on the market."

The group said prices rose fastest in London, the South East and South West during August, while the balance of surveyors reporting price rises was also positive in the North West and East Anglia.

Independent Television News Limited 2009. All rights reserved.

Independent Television News Limited 2009. All rights reserved.

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Publication:Independent Television News Limited (ITN)
Date:Sep 17, 2009
Words:306
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