Price rises predicted for region’s homes

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House prices in the North West are expected to rise by seven per cent in 2014.

The Royal Institute of Chartered Surveyors predicts the average house price in the UK will rise by eight per cent over the course of next year.

Meanwhile, the cost of renting a home should rise by a further two per cent.

The RICS says growth is being driven by the imbalance between buyer demand and supply, with new instructions to estate agents close to stagnating.

Although significant challenges remain to achieving a sustainable economic recovery, 2014 may well see the nascent pick-up in activity gather pace.

Peter Bolton King, RICS Global residential director, said: “The cost of a house is now picking up right across the country and next year should see more of the same.

“We expect all areas of the country to see prices increase.”