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| 'Desperate need' for homes on sale, says Rics | 'Desperate need' for homes on sale, says Rics |
| (about 5 hours later) | |
| House prices will continue to rise across the country until more homes are put on the market, an industry body has said. | House prices will continue to rise across the country until more homes are put on the market, an industry body has said. |
| The lack of homes for sale was a "major concern" and there was a "desperate need" for more, the Royal Institution for Chartered Surveyors (Rics) said. | The lack of homes for sale was a "major concern" and there was a "desperate need" for more, the Royal Institution for Chartered Surveyors (Rics) said. |
| Buyer inquiries rose in every area of the UK except Wales in March, its latest survey found. | Buyer inquiries rose in every area of the UK except Wales in March, its latest survey found. |
| Various surveys suggest house prices are still below their peak. | Various surveys suggest house prices are still below their peak. |
| Prices on the rise | Prices on the rise |
| The Rics report said that house prices "continue along their upward trajectory" as the economy recovers, with the survey recording an 11th month of house price rises. | The Rics report said that house prices "continue along their upward trajectory" as the economy recovers, with the survey recording an 11th month of house price rises. |
| Many more surveyors expect prices to rise in the next three months and the next year, compared with the number of surveyors predicting price falls. | Many more surveyors expect prices to rise in the next three months and the next year, compared with the number of surveyors predicting price falls. |
| The survey suggested that prices would rise by 6% a year, on average, over the next five years. | The survey suggested that prices would rise by 6% a year, on average, over the next five years. |
| "It is a major concern that we are not seeing enough houses coming on to the market," said Simon Rubinsohn, chief economist at Rics. | "It is a major concern that we are not seeing enough houses coming on to the market," said Simon Rubinsohn, chief economist at Rics. |
| "For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live. | "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 are likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home." | "Until this happens, we are likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home." |
| First-time buyers | First-time buyers |
| Many potential first-time buyers have found it easier to secure a mortgage owing to greater competition in the home loans market, but price rises - especially in the south-east of England - have made ownership unaffordable for some. | Many potential first-time buyers have found it easier to secure a mortgage owing to greater competition in the home loans market, but price rises - especially in the south-east of England - have made ownership unaffordable for some. |
| The latest figures from the Council of Mortgage Lenders (CML) found a slight dip in the average deposit that first-time buyers are having to come up with. The average deposit in February was 18% of a home's value, compared with 20% a year earlier. | The latest figures from the Council of Mortgage Lenders (CML) found a slight dip in the average deposit that first-time buyers are having to come up with. The average deposit in February was 18% of a home's value, compared with 20% a year earlier. |
| Mortgage lending tends to dip in the early months of the year, ahead of the so-called "spring bounce" in house hunting. The total number of loans advanced in February stood at 48,400, the CML said, a figure almost unchanged on January. | Mortgage lending tends to dip in the early months of the year, ahead of the so-called "spring bounce" in house hunting. The total number of loans advanced in February stood at 48,400, the CML said, a figure almost unchanged on January. |
| This included 22,200 loans to first-time buyers, up 2.3% on the previous month, but up 41% on the low levels seen in February 2013. | This included 22,200 loans to first-time buyers, up 2.3% on the previous month, but up 41% on the low levels seen in February 2013. |