House prices are likely to increase over the next five years, according to a report published by the Royal Institution of Chartered Surveyors. The housing market is facing a possible crisis situation created by a lack of supply and continuing high demand for all types of property. This constant pressure is adding to the likelihood of estimated rising prices of 2.5% through this year and a possible 4.5% per year over the next several years.

Simon Robinson of RICS commented on the recent published information, saying: “The boost that was given to the housing market by the Help to Buy scheme has begun to dissipate and activity levels have slipped back.

“Even more worrying are the tentative signs that price momentum could be set to pick up once again as the supply of stock to the market continues to fall.

“Anecdotal evidence does suggest that election uncertainty may be having some impact on the market, but underlying the trends visible in the latest survey is a very real housing crisis which will urgently need to be addressed by the next government.”

Although house prices have risen in the three months to March, London and the North both experienced sliding house prices.

The recent report lays out the pathway to higher house prices, but also puts more pressure on the ongoing rhetoric which will be traded through election time. There is not a more pivotal time in the future of the UK housing market than right now.

For those sitting on the fence with hesitation about making any decisions, the time to act could be now, compared with later. Not only are original loan deals available, but remortgage deals which can assist a family through budget woes are on the table as well.