The falling number of properties coming on to the market is continuing to push up prices, Carter Lemon Camerons’ property partner Rufus Ballaster has said.
Data collated by the Royal Institution of Chartered Surveyors (RICS) shows a continuing shortage of properties being put up for sale – the number has fallen for nine consecutive months.
Experts believe that people are being put off selling by the high costs involved in making a move.
This creates a vicious cycle, as a lack of choice is another factor that may persuade people to hold off from selling their home.
RICS chief economist Simon Rubinsohn said: “It is hard to get away from the issue of supply when it comes to the current state of the housing market.
“The legacy of the drop in new build, following the onset of the global financial crisis, is now really hitting home, with both the sales and letting markets continuing to show demand outstripping supply on a month-by-month basis.”
It remains to be seen what impact policies announced in last month’s Autumn Statement will have.
Some experts anticipate that plans to increase stamp duty land tax for those looking to buy-to-let or secure a second home will see a flurry of transactions prior to the changes taking effect in the spring.
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