Regional house prices on the rise

House prices are on the rise
House prices are on the rise
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The North West saw the fastest rise in house prices last month, rather than any other part of the UK including Central London, according new figures.

The December 2016 Royal Institution of Chartered Surveyors UK Residential Market Survey said that more than half of the North West’s chartered surveyors (55 per cent) saw a rise, rather than fall, in prices during December.

Respondents in all other parts of the UK, except central London, also saw prices rise last month, but the North West by far reported the strongest price growth.

Over the next 12 months 15 per cent more respondents in the region suggest that prices will increase further – albeit modestly.

All parts of the UK are expected to see higher prices over the year, although expectations remain relatively subdued in Central London.

Looking at the sales market; increasing house prices in the region could be deterring many would-be buyers as house sales in the North West faltered in December with only four per cent more chartered surveyors in the North West reporting a rise in sales last month.

While it remains to be seen if this is a temporary setback, predicted sales over the next three months across the North West also saw a noticeable slow down with 33 per cent more respondents not anticipating an increase in sales during the coming three months, down from four per cent back in November.

Simon Rubinsohn, RICS Chief Economist, said: “A familiar story relating to supply continues to drive both the sales and lettings markets impacting on activity, prices and rents. The eagerly awaited housing white paper should help to create a more positive framework for new build delivery but with the best will in the world, it is going to take time.”