Rics: High house prices a sign of market failure

High house prices and high housing unaffordability are clear signs the housing market is failing, according to the Royal Institution of Chartered Surveyors Housing Commission (Rics).

The Rics has also warned that politicians are only providing short term fixes for long term problems.

Michael Newey is president-elect of Rics and chair of the commission, which represents housing market professionals such as surveyors and estate agents.

He told BBC Radio 5 live's Breakfast, "The reality is that anybody aged between 22 and say, 38, are now spending a disproportionate amount of their income on their housing, whether it's mortgage or... rent."

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