British house prices rose at their fastest rate since August last month, and the country’s lack of affordable housing is now a “national emergency”, a body representing property valuers said yesterday.
The Royal Institution of Chartered Surveyors said its monthly house price balance jumped to +33 in April from an upwardly revised +22 in March, a much bigger increase than any economist polled by Reuters had expected.
RICS said it was the first time since August that house prices were rising in all regions of the United Kingdom, after London house prices ended a period of stagnation.
By contrast, the supply of homes coming on to the market fell at its fastest rate since May 2009, when the property market was in free-fall after the financial crisis.
Figures released by mortgage lender Halifax last week showed house prices had risen by 8.5 per cent over the past year, and that a typical home cost just under £200,000, more than five times average male full-time earnings.