The RICS has expressed concern at the growing mismatch between property supply and buyer demand.
Reporting for September, its housing market survey says that many more of its members are reporting increases in applicants than are reporting a rise in new instructions.
The RICS notes: “The pressure on prices is evident. Growth in demand has now outstripped growth in new instructions in every month since February.”
RICS members are expecting house prices to rise by 2.6% over the next 12 months and by an average of 4.9% over the next five years. For London, the annual average rise would be over 9%.
According to the survey, house prices in September increased everywhere but in the north.
The latest survey had 337 participants covering 521 offices.
Almost half a page in its ‘notes to editors’ section attempts to explain what net balances are.
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