Rising prices ‘down to shortage of houses’

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A property expert has suggested that a boom in UK house prices is down to a lack of supply of properties.

According to newly released figures from Nationwide, the average UK property is now worth £188,903 – higher than their peak in 2007.

In the North West, prices have risen 7.1 per cent compared to the same time last year, and an average property is now worth £144,851.

Sarah Barnes, head of Residential Property at Napthens, Sarah said: “Our experience in Lancashire tells us that lack of supply is certainly pushing prices up. Fewer properties are coming onto the market, and there has been a lack of new homes being built, although this trend is changing as developers are now beginning to move forward.

“We don’t believe the Help To Buy scheme has caused a boom in house prices.”