A lack of homes for sale is leading to bidding wars among buyers and driving up prices nationwide, says the RICS.
In its latest residential survey, RICS found that a dearth of supply is hitting transaction numbers, with newly agreed sales falling for a third month in a row.
It added that this was also “creating competition among buyers, which is creating upward pressure on prices”.
A net 68% of respondents said that they were seeing prices rise, although this was down from the peak of 82% in May.
A net 21% expected that prices would be higher in three months’ time than at present, while the majority thought that prices would continue to rise over the next year.
