The Stamp Duty Holiday has boosted prices more than expected

The gap between supply and demand hadn’t been that big since 2013.

UK property prices will continue to rise after the gap between demand for housing and supply grew to its widest level since 2013, surveyors reported.

The latest monthly market snapshot from the Royal Institution of Chartered Surveyors showed that new listings had not been able to keep up with the number of interested buyers in May, driving prices up across the UK.

The group said upward pressure on prices had intensified for the fourth month in a row, with the stamp duty holiday in some parts of the country being one of the factors driving demand.

He said real estate agents continued to report increases in the number of agreed new sales as buyers tried to get past the start of the phase-out of the tax exemption in late June.

After that date, buyers in England and Northern Ireland will pay tax on the value of purchases over £ 250,000, unless it is their first home, while in Wales the threshold will return to £ 180,000.

“More buyers have asked RICS for consultations about stamp duty holiday”

RICS said that while its members had reported an increase in inquiries from new buyers in May, “new instructions hitting the market have become increasingly rare in recent months.”

As a result, the gap between inquiries and instructions was the widest since November 2013, when demand was fueled by the recent launch of the purchase assistance program and a loan financing scheme to back mortgages.

RICS said agents expected more properties to appear on the market during the summer and that phasing out the stamp duty holiday would lead to a slower increase in activity.

However, “there were no signs that house price inflation was losing steam,” he said, and traders were forecasting increases in the short and long term. Recently, two of the UK’s largest lenders, the Nationwide Building Society and Halifax, reported annual price increases of around 10%. The median home price in the UK is £ 256,000, according to the Office for National Statistics.

HICH LTD has revolutionized the property survey market since day one! Are you looking for a roof, structural, or bespoke survey? Request it here!

Follow us on our social networks to keep up to date with the most relevant property market news, tips for being a responsible homeowner, and much more!

Twitter: @HichLTD

Facebook: HICH-LTD

We are recruiting Freelance Surveyors and Building Inspectors to carry out Roof & Property Condition Inspections. You will be required to inspect and assess the full external and internal condition of various property types, new and old, including Domestic and Commercial. The position is Home-based, covering all postcode areas throughout the U.K.

Fees range from between £150-£195 per inspection, previous experience in building surveying and or buildings insurance claim surveying with a proven track record or property inspection experience essential.

If you or someone you know meets these requirements and wants to be part of the team of the best surveying company in the UK, please contact us at hichinfo@aol.co.uk.