Latest:
RICS housing market
00:00 25 Jun 1997
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Shortage still drives property prices House price rises continue to
be driven by the shortage of properties for sale, according to the
latest survey by the Royal Institution of Chartered
Surveyors.
In the three months to the end of May, it found that 25 per cent fewer properties were for sale than in the corresponding period last year.
Prices have moved ahead strongly: the Halifax points to a 6.6 per cent rise over the last 12 months, while the Nationwide is more bullish still with a 10 per cent figure for in the same period.
The current market is a "vicious circle" said the British Bankers Association, with potential sellers determined to secure a deal before marketing their home.
The RICS argues that the decision by the Chancellor to grant independence to the Bank of England will dampen the housing market in the short term because the bank will raise interest rates to temper inflationary pressure in the economy.
In the three months to the end of May, it found that 25 per cent fewer properties were for sale than in the corresponding period last year.
Prices have moved ahead strongly: the Halifax points to a 6.6 per cent rise over the last 12 months, while the Nationwide is more bullish still with a 10 per cent figure for in the same period.
The current market is a "vicious circle" said the British Bankers Association, with potential sellers determined to secure a deal before marketing their home.
The RICS argues that the decision by the Chancellor to grant independence to the Bank of England will dampen the housing market in the short term because the bank will raise interest rates to temper inflationary pressure in the economy.
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