The number of homes being made available for purchase on the UK housing market is far below demand and that is pushing house prices higher. The Royal Institution of Chartered Surveyors (RICS) reported that 10% more surveyors reported an increase in demand for property while 23% reported increases in prices rather than declines, this compares to the 18% reported in September.

Simon Rubinsohn, RICS chief economist, reported, “The dire shortage of available housing across the UK is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit.

“We are only weeks away from the Autumn Statement, and it will be interesting to see what measures, if any, the Chancellor will put in place to increase housing supply and create a more affordable market.”

The RICS property market update reported, “The rise in prices has been fueled by a continued fall in the number of new properties on the market, a trend that has continued for well over two years.

“Respondents reported a further slight decline in new instructions over the month and anecdotal evidence suggests that the tight supply conditions continue to be a very dominant feature of the market across the UK.”

The statements of Martin Ellis, Halifax economist, parallels the RICS report, as he commented, “Whilst house price growth may ease further in the coming months, very low mortgage rates and a shortage of properties available for sale should help support price levels.”

Reports of continued strength in the housing market should add confidence to homeowners considering a remortgage. With resilient confidence in the housing market and continued low interest rates offered in remortgage deals, homeowners will find attractive deals that could offer savings and long term fixed rates to protect them from increases in the years ahead.