uk house price rise fastest in 3 years
News Posted On: 16 December 2009
The Royal Institution of Chartered Surveyors (RICS) said on Tuesday that house prices in England and Wales rose in November at the fastest rate for three years. Seasonally-adjusted the number of surveyors reporting increases over those reporting declines rose to 35 percent , a percentage point up from October and the highest net positive result since November 2006.
The net balance of completed sales was unchanged from October's 19-month high reading of 19. (Net balances are derived by subtracting the percentage of negative views from positive views).
Newly agreed sales, expected prices and new buyer enquiries balances were all marginally down in November suggesting a seasonal lull or modest slowdown in activity should show at the start of the New Year.
While the current RICS survey showed demand continuing to outpace supply with sales-to-stock ratio rising to a 2 year high by a point from 30 in October to 31 in November, some think this measure is not guaranteed to be sustained at present levels in early 2010. Previously the market had been constricted by tight supply, but it seems that higher prices are now tempting more sellers, with the sell order balance rising to a 2-year high of 18 in November. However the RICS do not see prices softening.
Ian Perry summed up the UK housing market in the statement below, released Tuesday on the RISC website.
“For the fourth month in a row, the survey points towards prices rising, even though the general state of the economy would suggest that the housing market should not be faring as well as it is. Despite modest increases in the number of properties coming on to the market, it is clear that this is not significant enough to keep pace with the levels of demand. Buyer enquiries are continuing to grow and with the pace of job losses now easing, the risk is that the new year could see a further wave of interest in the market." he stated.
The RICS report's positive view of the current state of the UK housing market was borne out earlier this month by figures released from Nationwide showing UK home prices jumped 0.5% in November.
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