Homes shortage pushes up house prices

A homes shortage is fuellinga price rise. Picture: Ian Rutherford
A homes shortage is fuellinga price rise. Picture: Ian Rutherford
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A SHORTAGE of homes on the market is pushing house prices up, a new report warned today.

A survey by the Royal Institution of Chartered Surveyors (RICS) found house-buying activity increasing right across the UK as buyers test the housing market.

It said average sales throughout the country had reached a six-year high.

But it highlighted a lack of available stock, leading to upward pressure on prices.

RICS Scotland director Sarah Speirs said: “Now that the housing market recovery is under way and mortgage finance is more readily available, buyers seem to be looking to test the market across Scotland.

“That said, it is a major concern that we are not seeing enough houses coming on to the market to meet this demand.

“For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live.

“Until this happens we’re likely to see prices to continue to increase and it is going to be ever harder for many first-time buyers to enter the market.”