House prices in the South West will jump 7% next year, according to a new forecast from property experts, RICS.
It says there is increasing demand but also a shortage of new properties coming on to the market. It claims the cost of renting the home will rise by 2%
The number of homes coming onto the market has significantly increased as house prices continue to rise in the South West. According the Royal Institute of Chartered Surveyors, the number of surveyors reporting new properties on the market rose by 68 percent.
They say those who may have been waiting for the right time to sell appear to be choosing to do so now.
Malcolm Westcott, Managing Director of Webbers, the largest estate agents group in the south west, is even more optimistic about the future:
House sales in the south west are at their highest level since 2010. The Institute of Chartered Surveyors say agents sold an average of 18 properties in a three month period. They're predicting further increases this year.
The average asking price for a house here in the West Country has gone up by almost four per cent, in just a month. In real terms that means the average price of a home on the market here is just under £260,000.
Experts in the industry say it could be a sign of a revival in the property market. But what does it mean for those who want to buy a home?
Estate Agents in the region are reporting an increase in confidence among buyers.
Malcolm Prescott, of Webbers Estate Agency, reports that houses are selling quickly at the right price. In Braunton, since the start of the year, his agency has sold 9 properties within days of coming on the market.
The price of houses in the West Country has gone up by 3.9% in the last month. That's according to the Rightmove House Price Index.
The average price of a house in this region has risen from £253,897 in March to £263,870 in April.
Rents on homes in the South West have fallen by nearly 2% in the past year, bucking the national trend. That's according to the LSL Property Network, owners of chains including Your Move and Reeds Rains.
Nationally, monthly rents increased by 2.9% in the year to August, rising to a typical rent of £734. But in the South West rents fell by 1.9% to £633. Rents have reached a new high in other areas, buoyed by graduates looking for homes in addition to would-be homebuyers who can't raise a mortgage.
House prices in the South West have fallen for the third month in a row, according to property specialists Rightmove. The drop of 1.3% is being blamed in part by people staying at home to watch the Olympics. The average cost of a home in the region is now £256,456.