The price of homes in the UK will continue to soar until 2020, with gains over the next five years to be around six percent, according to the Royal Institute of Chartered Surveyors (RICS).
A lack of housing for sale, plus high stamp duty, have meant that some owners are not prepared to move as they are concerned they won’t find a new place. The dearth of housing stock on the market has pushed prices up for everyone looking.
The report says that house prices will rise everywhere over the next five years. This would put the cost of the average London home at £570,000 in 2020.
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