Last Updated: 15/09/2016
Tags: House Prices To Increase Over The Next 5 Years
House prices are just starting to settle down after the referendum vote to leave Europe according to RICS, the Royal Institute of Chartered Surveyors.
They have also predicted that house prices will continue to rise over the next 5 years, at a rate of 3.3% per year. They state that the shortage of homes will continue to push up prices for at least the next 5 years.
Simon Rubinson, Chief Economist at Rics stated "There are clear signs that the housing market is settling down after the initial surprise of the outcome to the EU referendum."
"Buyer enquiries did dip again in August but only modestly, and more significantly, sales expectations are beginning to edge upwards once again.
"It is likely the swift response from the Bank of England has played a role in helping to support confidence."
Rics also stress that house prices in some part of the country have suffered more than others, houses where we have seen the largest growth such as London, have experienced a slight softening as well as the West Midlands.
Most surveyors have predicted that house prices will continue to increase at a steadier pace over the next three months, as fears over a the implications of what a Brexit might bring and the reality of it start to kick in. The fall in sterling also continues to attract foreign buyers.
If you are looking at moving home or investing in property and would like to discuss any concerns around the UK’s housing market then why not pop into your local branch of Hawes and Co for a chat and a coffee or call our team on 0208 946100.