31 Oct

Property prices continue to rise as demand outweighs supply

Property prices continue to rise as demand outweighs supply

Landlords looking for possible Buy to Let properties may have to pay slightly more than they would like to, as UK house prices continue to show growth for the month of October. 

Figures published by the Nationwide Building Society reveal a one per cent increase  for October, which means that prices are up 5.8 per cent from this time last year. The average UK property price now sits at around £173,678.

Schemes such as Help to Buy and Funding for Lending have encouraged more potential buyers to venture into the market. This surge of interest has lead to a general increase in house prices throughout the UK due to a lack of supply.

Nationwide's chief economist Robert Gardner has warned that the imbalance between supply and demand could lead to further price inflation in the property market.

“House price growth has accelerated as buyer demand has picked up more quickly than the supply of new homes," he said. "The risk is that if demand continues to strengthen while the supply of property remains constrained affordability could become stretched.”

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