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| House price inflation to hit 6% in 2015, warn surveyors | House price inflation to hit 6% in 2015, warn surveyors |
| (34 minutes later) | |
| House price inflation across the UK is now likely to hit 6% this year, according to the Royal Institution of Chartered Surveyors (Rics). | House price inflation across the UK is now likely to hit 6% this year, according to the Royal Institution of Chartered Surveyors (Rics). |
| At the start of 2015, Rics expected that prices would rise by just 3%. | At the start of 2015, Rics expected that prices would rise by just 3%. |
| However it has now revised its estimate upwards, due to the shortage of homes on the market, and "accelerating prices". | However it has now revised its estimate upwards, due to the shortage of homes on the market, and "accelerating prices". |
| Mortgage lender the Halifax said house price inflation in the year to August was 9%, with the monthly rise up 2.7%. | Mortgage lender the Halifax said house price inflation in the year to August was 9%, with the monthly rise up 2.7%. |
| That is the highest monthly increase since May 2014. | That is the highest monthly increase since May 2014. |
| "Strengthening demand, and highly constrained supply, are likely to mean that house price growth continues to be robust in the short-term," said Martin Ellis, Halifax economist. | "Strengthening demand, and highly constrained supply, are likely to mean that house price growth continues to be robust in the short-term," said Martin Ellis, Halifax economist. |
| The average price of a home across the UK is now £204,674, according to the Halifax measure. | |
| In response, economist Howard Archer, of IHS Global Insight, said he was raising his house price inflation forecast from 6% to 7% for 2015. | |
| 'Uncomfortable' | |
| The Rics price indicator was the highest for 15 months, with 53% more respondents reporting price rises than price falls. | The Rics price indicator was the highest for 15 months, with 53% more respondents reporting price rises than price falls. |
| "Given current market conditions, the latest data unsurprisingly shows house prices continuing to rise, and at an accelerating pace," said Simon Rubinsohn, Rics chief economist. | "Given current market conditions, the latest data unsurprisingly shows house prices continuing to rise, and at an accelerating pace," said Simon Rubinsohn, Rics chief economist. |
| "And there is good reason for this trend to be sustained into next year, however uncomfortable that may be for those looking to enter the market." | "And there is good reason for this trend to be sustained into next year, however uncomfortable that may be for those looking to enter the market." |
| Earlier this summer, Rics reported that the stock of homes for sale was at a record low, and called on the government to get more houses built. | |
| However the Nationwide Building Society estimates house price inflation to be significantly lower than its rival Halifax. | |
| It said prices in the year to August rose by 3.2%. It uses different methodology to the Halifax. |