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UK Houses in Short Supply as Demand Soars

LONDON-Residential property prices are set to see big rises. Both the RICS housing market survey for England and Wales for three months to February 2002 and new research by the Woolwich building society report big demand and low supply

By Charlie Jacoby | Updated on March 19, 2002

LONDON-A thriving housing market and a rapid turnover of properties has resulted in a shortage of suitable houses for sale, says the Royal Institution of Chartered Surveyors in its latest residential housing survey.

The number of properties coming on to the market has fallen and the level of stock available for sale is now at its lowest level since early 2000. The average number of houses per surveyor was 68, down from 73 in the previous month, and considerably lower than the long run average of 120.

Completed sales averaged 37 per surveyor, the same as last month, but 2% up on last November. Agreed sales also rose and surveyors are reporting the biggest rise in enquiries from new buyers since last June. A good indicator of the state of the housing market, the ratio of sales to stock, at 54%, is at its highest level since October 1988.

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