The supply of houses is more or less inelastic in UK with conveyancing solicitors seeing less work than ever before. The prices of the houses are unresponsive to the fluctuating market prices. There is less number of homes being built as a result supply increases very slowly. Therefore a small change in demand will affect the prices of the house drastically.
A little increase in demand will result in a great rise in the price. The demand again is influenced by several factors like the interest rates, incomes of the people, increment in the population. Besides these all, there are two more reasons affecting the prices of the houses in UK. Those are the availability of mortgage houses and interest of the buyers to buy more houses to earn profit in the future.
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