Prices continue rising as homes for sale dive to new record lows

Average house prices shot up 1.7% last month, the Halifax has reported, with stock for sale at record low levels.

The lender puts the average house price at £200,280 – up 3.3% on three months ago and 9.6% on a year ago.

Halifax economist Martin Ellis said the shortage of available property has been a key factor in maintaining house price growth this year.

The latest report from the RICS confirms that the average stock of houses per estate agency member is the lowest since its records began in 1978.

The RICS this morning added that buyer demand has increased in all parts of the UK except the south-east.

The RICS also said that in the private rented sector, the imbalance of demand and supply is putting upward pressure on rents.

It said that supply has been broadly unchanged for two years and shows no signs of increasing, whereas demand is rising.

The RICS said that both house prices and rents are likely to grow at a rate easily exceeding growth in wages.

The LSL house price index for England and Wales, also out today, shows house prices standing far higher than the Halifax has them, at an average £278,849 – a record.

The LSL report said that sales soared 15% last month in the wake of the general election.


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