The UK housing market is moving forward at a stronger than average pace thanks to strong demand and a shortage of supply. House price increases have now gone through a reformed forecast for the coming months. The Royal Institution of Chartered Surveyors, or RICS, once estimated house price increase of only 3% during this year. The forecast for growth is now estimated at 6%.

According to Simon Rubinsohn of RICS, house price inflation is on the move and has been running at a quick pace for the last seven months.

Rubinsohn commented on the possible trend of surge in growth of house prices to continue, saying: “And there is good reason for this trend to be sustained into next year, however uncomfortable that may be for those looking to enter the market, given that so many of our members are telling us that they are struggling to replace the stock they have sold.”

RICS collects data at the beginning of the buying process, so it is and has been a fine indicator of the current state of growth for the market.

Earlier estimates of house price growth stood at a firm 5% for the year. Demand is expected to continue with a rise in income for many among the working population. Also, the shortage of supply is creating more upward pressure on prices overall. For those attempting to obtain a place on the property ladder, challenges remain. Tough new lending regulations are making it more difficult, especially for those who are first time buyers. As house prices continue northward, this trend will more than likely continue as well.