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House prices to rise 8% next year, says RICS

House prices to rise 8% next year, says RICS

Category: Mortgages

Updated: 20/12/2013
First Published: 20/12/2013

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The Royal Institution of Chartered Surveyors (RICS) expects to see the UK's house prices rise by 8% next year.

RICS said a shortage of new homes going on sale, leading to demand outstripping supply, would be a key driver of rising prices.

Unsurprisingly, London will continue to lead the UK's growth, with prices in the capital expected to climb by 11% in 2014.

Across the UK all regions will record annual price growth, with the North East and Northern Ireland experiencing the lowest rises of five percent and four percent respectively, RICS said.

The chartered surveyors group is also predicting that the number of property transactions will increase from 1.05 million this year to 1.2 million in 2014.

RICS pointed out, however, that this level still remains some way below the 1.67 million transactions recorded in 2006 before the housing market crash.

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