U.K. house prices marched higher again in April as rising demand and a dearth of properties for sale added fuel to a booming market, Bloomberg reports.
In a report published Thursday, the Royal Institution of Chartered Surveyors said a lack of new listings was now the biggest concern as demand for property increased in every region of the country. That’s stoking prices in a market already buoyed by a temporary tax cut and lockdown-inspired searches for extra space. Real-estate agents expect prices to keep rising over the next year.
“Housing supply, or more pertinently, the shortfall in supply relative to demand is the key theme coming through loud and clear,” said Simon Rubinsohn, chief economist at RICS. On average, agents now have just 40 properties for sale on their books.
The findings come amid a brightening economic outlook and suggest prices will continue to rise once Chancellor of the Exchequer Rishi Sunak’s stamp-duty holiday on purchases is gradually withdrawn from the end of June. Nationwide Building Society said last month that house prices grew by 2.1 percent in April, their fastest monthly pace for 17 years.