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House price rises of 2% next year forecast by both RICS and Knight Frank

The RICS is forecasting national house price growth of 2% next year – but no uplift in transactions.It is also predicting a scenario of rapidly rising rents as the imbalance between supply and demand intensifies.This year, the RICS has consistently reported on a shortage of stock, with average stock levels on estate agents’ books sinking to an all-time low in June.A continued shortage and stretched affordability suggest there will be no material pick-up in activity, says the RICS.The RICS is forecasting that rents will rise by an average of 2.5% across the UK, and by 3% in London.It has reported that the number of new landlord instructions has been going down for 14 successive quarters.Knight Frank is also forecasting an average house price rise of 2% next year across the UK, but is not forecasting prices to rise in London.However, after next year, Knight Frank is bullish about house price rises, expecting them to rise 3% to 4% annually until the end of 2024.

It is forecasting a 1% average rent rise across the UK next year, followed by average annual rent rises of between 2% and 3%.Knight Frank believes that reversals in tax changes for buy-to-let investors remain unlikely, resulting in upwards pressure on rent prices as stock reduces.

 

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