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Slump in number of homes for sale

Part of the property market has slumped to levels not seen since 1978. According to the latest housing market survey from the Royal Institution of Chartered Surveyors, the number of homes with a 'for sale' sign has fallen to its lowest level since records began 37 years ago. But new buyer inquiries increased at the fastest rate in more than a year, and house prices rose again as a result. Rics warned of an 'acute shortage of supply', with house prices potentially set to rise by a quarter in the next five years as older owners stay put.

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