Housing shortage pushes up prices in Wales

Image source, PA

House prices in Wales are increasing, fuelled by a shortage of properties, according to the Royal Institution of Chartered Surveyors.

The industry body said it now expects house prices to rise by about 6% in 2016.

Experts say a dash to invest in homes for the rental market is partly responsible, with stamp duty taxes set to rise in April.

Rics says the number of homes up for sale has fallen, down 6% overall.

"The evidence suggests that the market is becoming tighter as housing stocks decrease and more buyers come into the market," said Rics residential spokesman, Tony Filice.

"This is pushing up prices and the expectation amongst surveyors is that this will continue for now."