House prices stay on the up

Report finds average Portsmouth worker needs 103 per cent pay rise to afford a mortgage

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PROPERTY prices are continuing to rise as fewer houses are going onto the market, a survey suggests.

Simon Rubinsohn, chief economist of the Royal Institution of Chartered Surveyors, said its survey showed rising house prices across the south east as offers fell for the fourth month in a row.

Mr Rubinsohn said: ‘House prices in general look set to remain firmly on the upward trend, although interestingly, there are some tentative signs that the price momentum in the London market may begin to slow in the second half of the year.

‘The critical issue for the market remains the lack of second-hand supply with our numbers suggesting that the picture is, if anything, getting worse.

‘Despite the disappointing trend in instructions, a net balance of 33 per cent of surveyors expect to see sales levels increase as we head into the summer.’