According to a new report on UK's property market, the property prices in the country are expected to rise by around 7 per cent during the coming year

The new report by the Royal Institution of Chartered Surveyors (RICS) predicted that the price of homes will increase in the country as the supply of homes will not be enough to meet the rising demand in the UK. The report also said that the rents are expected to rise by around 2 per cent during the next one year due to lesser number of homes available in the market.

The shortfall between demand and supply is expected to fall slightly in the coming year with new-build projects due to rise 11 per cent in the UK. The RICS said that the rise in project is an encouraging sing but will not be enough to meet projections of rapid population growth.

RICS Scotland Director Sarah Speirs said, "This year we have seen house prices beginning to rise across Scotland and next year we expect to see more of the same. We expect all areas of the country to see prices increase, however, putting the improving economic picture to one side, this is largely down to the fact that buyer numbers considerably outweigh the amount of homes on the market."