The number of homes coming to the housing market is falling below demand. According to the Royal Institution of Chartered Surveyors (RICS), November continued as the ninth month in a row in which there was not an increase in the number of homes available on the market for sale. This is expected to remain a trend into 2017 and as such will have an impact on the housing market in which house prices will continue to rise.

The housing market is suffering from a lack of affordable homes especially for first time buyers. Therefore, first time buyers are still a rarity in the housing market, despite low interest rates available from lenders.

RICS polled surveyors and found that 40% expect that the next 12 months will result in rising house prices, except for London.

Without adequate homes available for sale, the housing market will begin to weaken. For those that see homeownership as a priority, leaving the area could be the answer and overall the UK will be losing out on consumers, workers, and progress every time that happens.

Many of the surveyors believe that the stamp duty is part of the reason the housing market is showing a slower growth than in months past, especially in the higher end of the market. There has been a drastic decline in the number of homes selling in the higher levels such as those above the £5 million mark.

When the housing market is fairly balanced, sellers gain a fair price while buyers find affordable housing. Communities flourish, opportunities arise for consumers, living, and for jobs, and the UK economy is strengthened. Even homeowners benefit as the value of their properties increase steadily and are capable of maintaining the value over time.

While the housing market is almost never fully and perfectly balanced, it is rarely tipped so far to one side and for so long. Likely, the government is discussing what programs or efforts can strengthen the market and add more properties, as well as helping those currently closed out of the market by high prices to find a footing on the property ladder.

Meanwhile, the biggest draw to stay in the market and be patient while shopping is the ability to borrow for a home at such low interest rates. For the next few months, lenders are expected to continue offering historically low rates for both mortgages and remortgages, but there are could be fewer products available.

Many changes are coming in 2017, and for those looking to take advantage in the current lending market, now might be a good time to take action for either a mortgage or remortgage.