Lack of homes is fuelling bidding wars, says RICS

A lack of homes for sale is leading to bidding wars among buyers and driving up prices nationwide, says the RICS. In its latest residential survey, RICS found that a dearth of supply is hitting transaction numbers, with newly agreed sales falling for a third month in a row. It added that this was also “creating competition among buyers, which is creating upward pressure on prices”. A net 68% of respondents said that they were seeing prices rise, although this was down from the peak of 82% in May. A net 21% expected that prices would be higher in three months’ time than at present, while the majority thought that prices would continue to rise over the next year. The Times (£)