North West house prices rise fastest in the UK

The North West saw the fastest growing house prices in the UK last month with prices expected to continue increasing over the next year.

Despite the rise, new buyer enquiries flattened and new instructions fell in the region according to the January 2018 RICS UK Residential Market Survey.

In January 47% more chartered surveyors in the North West saw a rise in house prices (up from +32% the previous month).

This was the highest reading in the monthly UK survey, followed by Northern Ireland (+41%), Wales (+39%) and the East Midlands (+37%).

Other areas such as London, the South East and East Anglia all reported a fall in house prices.

Despite this, new buyer enquiries flattened and new instructions (homes coming on to the market) fell in the North West during January, and as a result only a net balance of +14% chartered surveyors in the region expect to see sales rise over the coming three months (down from +17% the previous month).

The report also states that there is no sign of an upturn in the flow of properties coming on to the market, however +69% more respondents are confident sales will rise over the next 12 months.

In the lettings market, tenant demand rose in the three months to January, along with landlord instructions, and consequently 17% more respondents expect to see rent increases over the near term.

Simon Rubinsohn, RICS chief economist, says: “The latest RICS results point to housing transactions remaining pretty subdued over the coming months despite some more positive comments from contributors to the survey.

“Lack of inventory on agents’ books continues to provide a major challenge with the number of valuations being undertaken not suggestive of a pick-up in new supply anytime soon.”

About Author: Lawrence Saunders

Lawrence is a journalist at Move Publishing. He can be contacted via email at lawrence@movepublishing.co.uk or by phone on 0151 709 3871.