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LONDON-A shortage of properties on the market is adding further fuel to the UK’s overheated residential property market, according to the latest survey of the Royal Institution of Chartered Surveyors’ members. The average chartered surveyorestate agents currently has just 65 properties on his books, up slightly on last month but still well below the long term average of 119.

And the situation is unlikely to improve in the coming months as the numberof home owners thinking of selling continues to fall. In August 44% of therespondents to the survey reported a drop in new instructions received.

But process are still rising strongly: 48% more surveyors reported price rises than falls, against a 52% margin a month previously. Only in London and the South East was their evidence that the rate of house price inflation was moderating.

Looking ahead, 28% of RICS members expect to see prices continue to rise andonly 4% expect to see prices fall. RICS National Housing Spokesman, Ian Perry, said: “The shortage of property shows no sign of easing and will continue toimpact on prices for many months to come. The level of new building is not keeping pace with demand.”

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