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…but boom continues in the North

The boom in house prices is continuing to move North, says the Royal Institute of Chartered Surveyors in its quarterly analysis of the residential property market.

Its figures show house prices in England and Wales are increasing at 20 per cent a year, double the long-term annual average of 10 per cent. The RICS predicts this rise will continue until the end of the year.

The report shows that, in the North, 81 per cent more chartered surveyors report a rise in prices rather than a fall. Nationally, the figure is 54 per cent compared with 14 per cent in London.

The RICS says the average number of properties available for sale continues to remain low with an average of 63 properties per estate agent. Although an improvement on the June figure of 56 – the lowest average for 23 years – its says the shortage remains a critical factor in price rises.

The RICS says 14 per cent of chartered surveyors expect house price rises to rise in the next three months, with 18 per cent expecting a fall and 68 per cent expecting prices to stay the same.

National housing spokesman Ian Perry says: “The market continues to power ahead. Despite many pundits speculating on how much longer rapid price rises can be sustained, they show no signs of slowing down before the end of the year.”

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