Number of new properties failing to keep pace with transactions, with prices in London expected to rise by another 6%
House prices could rise by as much as 8% next year unless there is a flood of new properties on to the housing market, according to theproperty website Rightmove.
Its outlook for 2014 predicts that the number of sales and the pace of house price inflation will be up on this year. Rightmove forecasts average asking prices will rise by 6-8% in England and Wales compared with 2013 as the number of new properties coming on to the market fails to keep pace with transactions, putting a further squeeze on supply.
"There's a listing gap to fill. While sales transactions are up 13% so far in 2013, the number of newly listed properties is only up by 2%," said Miles Shipside, Rightmove director and housing market analyst. Rightmove said prices rose 5.4% this year.
Rightmove's latest monthly report on the housing market showed the average asking price in December was £241,455, down slightly on November. In month-on-month terms prices slipped back 1.9%, reflecting a typical winter slowdown but the smallest December fall since 2006.
The website, which advertises about 90% of all homes being sold by estate agents in the UK, said marked local variations in price movements would continue next year. It predicted that some towns and cities would see bigger price rises than the regions around them – a pattern that was seen this year within the more prosperous southern markets where places such as Bath, Bristol, Cambridge and Oxford all pushed up regional averages.
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