Concerns over the UK’s impeding divorce from the European Union have not stalled the demand for housing, as a report points to the “dire” shortage of British properties.
According to the Royal Institution of Chartered Surveyors, homebuyer interest jumped 10 per cent last month, causing house prices to climb.
The organisation has also seen house hunters return to the UK residential market after the June referendum, despite there not being enough properties for them to purchase.
Simon Rubinsohn, Rics chief economist, said: “The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.
“We are only weeks away from the Autumn Statement and it will be interesting to see what measures – if any - the chancellor will put in place to increase housing supply and create a more affordable market.”
According to the report, prices continue to rise, with 23 per cent of the 359 respondents seeing growth, rather than a decline.
It also pointed out that agreed sales rose marginally across the UK, with 5 per cent more chartered surveyors seeing activity rise rather than fall in October, as activity recovers following the EU referendum.
Expectations for the months to come have also improved, with a quarter of respondents forecasting a rise in transaction levels across the UK.
Looking at the letting market, tenant demand had picked up firmly in the three months to October, with 29 per cent of surveyors reporting a rise in enquiries.
