The General Election may have prompted a slowdown in activity in the housing market, but surveyors still expect house prices to rise faster than wages, a new report has showed.

The Royal Institution of Chartered Surveyors said house sales, enquiries and the number of new properties coming onto the market continued to decline last month.

However, house prices are still expected to rise by around 3.5 per cent over the next five years as stock levels remain stuck at all-time lows, according to the survey.

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Simon Rubinsohn, chief economist at Rics, said: ‘Although the latest survey suggests that uncertainty related to the General Election may have contributed to what appears to have been a disappointing level of transactions in the housing market over the spring, perhaps the most ominous signal emanating from the data released today is that contributors still expect house prices to increase at a faster pace than wages over the medium-term despite the difficulty many first-time buyers are clearly having in taking their first steps onto the property ladder.’

In May, the average house price continued to rise slowly, with a net balance of 17 per cent of surveyors reporting increases rather than decreases, down from a balance of 22 per cent the previous month.Read more:
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