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House prices set to rise 8% due to property shortage

House prices will rise by another 8% next year due to the shortage of homes coming on to the market , surveyors have forecast.

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Property prices set to surge in 2014, surveyors forecast

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.

House prices will rise by another 8% next year due to the shortage of homes coming on to the market , surveyors have forecast. Credit: PA

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.

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