House building needs to increase to meet demand, RICS says

The supply of housing in Britain is struggling to cope with current demand as the property market continues to go from strength to strength.

A report conducted by the Royal Institution of Chartered Surveyors (RICS) surveyed 300 chartered surveyors. It showed that the number of prospective house buyers outweighs the number of properties available on the market, bbc.co.uk reports.

House prices also saw an increase again in October, with chartered surveyors reporting that price rises hit an 11 year high, as the net balance of respondents recording increases reached 57 per cent.

Surveyors across the country attributed this growing demand to the government’s Help to Buy scheme, which is aiding first time buyers to get a foothold on the property ladder.

Simon Robinsohn, RICS chief economist, told propertywire.com that it is no secret the property market has been gathering speed over recent months. In spite of this, the amount of houses currently on the market is not enough to cope with the demand.

Mr Robinsohn said: “House building starts have picked up recently but we are still well behind in terms of the amount of properties needed. If we are to create a more sustainable market, it is critical that many more good quality homes are built in areas where people want to live.”