Lack of stock is continuing to drive house price growth, the RICS reported this morning.
Also this morning, the LSL/Acadata house price index for England and Wales reported a new record in house prices, saying the average for November was £290,640 – up 6% on a year ago and 0.6% higher than October.
In London, the average house price is just shy of £600,000, at £598,173.
The LSL survey also said that home sales fell 15% in November compared with October, with completed sales for the year 3.4% behind the same point in 2014.
Meanwhile, the RICS said that although growth in buyer demand has moderated, new instructions have continued to fall for the tenth consecutive month.
Level of inventory on estate agents’ books slipped to a new low in November, said the RICS.
Comments from participating surveyors included:
“Very limited number of properties available and coming on to the market. Agreed sales are being aborted as vendors unable to find properties to buy” (East Anglia);
“The dearth of instructions is severe . . . This has led to a significant fall in the number of sales” (south east);
“Remarkable levels of sales still being achieved but very few new instructions. The result is a worrying shortage of stock” (west midlands);
“Supply continues to be limited.” (north); and
“Stock is still extremely low and agents are fighting for instructions. As a result, fees are suffering” (Yorkshire & Humberside).