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There is an "extraordinary" sense of "deja vu" in the property market harking back to the housing bubble pre-2008 crash, an expert told Daybreak.
Henry Pryor explained: "We've got a lot of people chasing a finite number of properties - though the Coalition Government should be congratulated on some of the efforts they are making to free up the housing market."
He continued: "There is a great deal of 2006-7 just ahead of the credit crunch that we can see in the market today.
"At the end of the day we have to remember, asking prices may be up, sale prices in some parts of the country may be up, but they are still according to the Land Registry anyway, 10% below the peak of the market in 2007."
According to RICS, regional prices will rise by the following percentages in 2014:
- London - 11%
- East of England - 10%
- East Midlands - 10%
- North West 7%
- Scotland 7%
- South East 7%
- South West 7%
- Wales 7%
- West Midlands 7%
- Yorkshire and Humberside 7%
- North East 5%
- Northern Ireland 4% .
Housing starts are set to rise to 155,000 from 125,000 this year - but will be insufficient to address the more rapid growth in population, RICS said.
A shortage of new homes coming onto the market will push property prices up by another 8% next year, the Royal Institution of Chartered Surveyors (RICS) have forecast.
All parts of the country can expect to see prices rise, RICS suggested, with London set for another 11% jump on top of already sizeable gains over the last year.
Based on its recent feedback, RICS said the demand-supply imbalance was the key challenge facing the residential market.
It believes the number of transactions will improve to 1.2 million next year from the estimated 1.05 million this year, although this is still a long way short of the 1.67 million sales seen in 2006.