According to the report from the Royal Institution of Chartered Surveyors (RICS), house prices in Britain rose again last month, which was due to a shortage of homes for sale.
The monthly balance of housing prices from RICS was +71 in November, while the October value was revised upward (to +71). RICS reported that the record high was recorded in June 2021 (+82).
"If the housing supply situation on the market does not improve in the near future, transaction levels may remain unchanged next year," said Simon Rubinson, chief economist at RICS.
Pressure on the housing market may also be exerted by the tightening of the monetary policy of the Bank of England. Analysts expect that an increase in the Bank of England rate, which is now at a record low, may occur in the coming months.
Over the past two years, the UK housing market has been actively developing amid growing demand for more spacious homes to work in during the pandemic, as well as temporary tax breaks for home buyers.
According to official statistics, in September, housing prices in the country increased by 11.8% per annum, while RICS experts expect further price increases over the next 12 months.
"Even if the cost of mortgage financing increases, house prices are also likely to continue to rise over the coming year, but at a slightly slower pace than over the past 12 months," Rubinson said.