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House price rise predicted by Rics

The Royal Institution of Chartered Surveyors (Rics) has suggested that a lack of housing is set to drive up the value of properties for several years to come.

Stephen Noakes, who works for Halifax, has said:

“Housing demand continues to be supported by an economic recovery that is gathering pace, rising consumer confidence, low interest rates and wage growth finally beginning to outgrow consumer prices.”

The growing buoyancy in the housing market could mean that homeowners are more likely to invest in home improvements. As the national economic recovery develops, demand for wood flooring around Wirral, and other areas of the North West, may increase further.

Recently, statistics gathered by Halifax suggest that house prices have increased on a national basis by almost nine per cent over the last year. Figures collated by the Nationwide, another mortgage lender, have suggested that the rise in prices has been in excess of 10 per cent. The two organisations have used somewhat different methodologies to assess the situation, and this may have accounted for the slight discrepancy in their findings.

According to analysts, the national picture of house prices does not tell the whole story. There are pronounced geographical variations when it comes to the current state of the housing market. The sector has been particularly dynamic in London and in other parts of the South East region. Certainly, this has had an impact on the overall figures. Nevertheless, it would seem that there are signs that the economic recovery has been spreading to other parts of the country.

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