Property Prices-LATEST NEWS

Owing to growing demands and less supply, prices of residential properties across UK continued to rise throughout October.

The rise in home rates for October took the figure to the highest that had been seen since December 2006. The survey conducted by the Royal Institution of Chartered Surveyors revealed that as many as 34% estate agents agreed that prices rose sharply in October.

During the financial downturn, buyers had refrained from purchasing any property, but they are now coming back and so are the sellers. It has been noted by surveyors that currently, each residential property on the market is being chased by an average of 5 potential buyers.

The rapid rise in house prices is being viewed as a positive development and a sign of the recovering economy. The rates are expected to rise even more in the coming three months.