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UK House Price Growth Picks up Steam in October – RICS

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British house price growth accelerated in October, fuelled once again by a shortage of new homes coming to the market, a body representing property valuers said on Thursday.

The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance rose to +49 from +44 in September, topping a Reuters poll consensus of +45 and not far off August’s 15-month high of +53.

All parts of the country reported rising prices, while new instructions coming to the market decreased for a ninth month in a row, RICS said.

“The legacy of the drop in new build following the onset of the global financial crisis is now really hitting home, with both the sales and letting markets continuing to show demand outstripping supply on a month by month basis,” Simon Rubinsohn, RICS chief economist, said.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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