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Residential Property Shortage Prompts Price Rise

LONDON-The lowest number of properties available for two years--especially one and two-bedroom flats--and quicker-than-expected sales has pushed up some property prices dramatically.

By Charlie Jacoby | Updated on April 15, 2002

Buyers are back in as many numbers as the top of the market last year. Jeremy Leaf, housing market spokesman for the Royal Institution of Chartered Surveyors (RICS) said that after a period when many buyers put off purchasing decisions, they are back but frustrated by lack of choice.

There is particular strength in the London market for one and two-bedroom flats and for three and four-bedroom houses. Buyers are paying more than £500,000 ($710,000) for good-quality two-bedroom flats in SW1, for example–up a fifth on this time last year.

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