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According to the Royal Institution of Chartered Surveyors' (RICS), house prices in the U.K. are expected to rise 6% this year. RICS upgraded its forecasts from the previous estimate of a 3% growth due to the shortage of homes on the market and higher house prices.
"Given current market conditions, the latest data unsurprisingly shows house prices continuing to rise, and at an accelerating pace. 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," RICS Chief Economist, Simon Rubinsohn, said.
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