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House prices and rents set to rise, say surveyors
House prices and rents are on an upward trend amid a “striking” imbalance between demand and supply, according to the Royal Institution of Chartered Surveyors (Rics). Analysis shows that the number of newly agreed house sales fell for the third month in a row in September, with a net balance of 15% of property professionals reporting a decline rather than an increase in sales. The Rics poll saw 68% of surveyors report house prices rising rather than falling in September while a net balance of 35% reported a fall in properties coming to market. The survey saw 70% of surveyors voice a belief that prices will continue to grow over the next 12 months. In the lettings market, 62% reported an increase in the number of people looking for a rental property in September, with a balance of 21% seeing a decline in new landlord instructions. This imbalance is expected to drive rents higher.
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