A lack of houses coming on to the market is likely to dampen the UK property market
The housing market is set for a slow start in the new year due to a shortage of homes for sale, according to a survey by the Royal Institute of Chartered Surveyors (RICS). Although property transactions may increase at the beginning of 2017 after slowing since the spring, the survey suggests that any acceleration is likely to be modest at best. The announcement by RICS follows a prediction by the Halifax that price growth in the housing market is set to slow over the first few months of 2017. Whilst November saw property prices increase and a rise in enquiries from potential new buyers, the relative number of new homes going on the market has been low. As many have subsequently been bought quickly, this has resulted in a lack of choice for buyers.