Lack of sellers spurs rapid house price growth in UK - RICS
Reuters
Published Jan 20, 2022 00:04
LONDON (Reuters) - British house prices rose rapidly again last month as demand continued to outstrip the supply of homes coming to the market, a closely-watched gauge of the housing market showed on Thursday.
The Royal Institution of Chartered Surveyors said a net balance of +69% of its members reported a rise in house prices in December, down from +71% in November but still at a historically high level.
The report echoed other surveys that show Britain's housing market retained much of its momentum in late 2021, despite the phasing out of temporary tax breaks on property purchases earlier in the year.
Britain's housing market surged in the second half of 2020 and 2021, bolstered by more demand for space to work from home during the pandemic.
RICS said new buyer enquiries remained in positive territory and there were early signs that transaction volumes might edge higher over the coming months.
"More of a concern is the suggestion that the mismatch between demand and supply will drive house prices even higher through the course of 2022," said Simon Rubinsohn, RICS chief economist.
On Wednesday official data showed house prices in November were 10.0% higher than a year earlier, up from 9.8% annual growth in October.
House price inflation peaked at 13.5% in June, its highest in more than 15 years, shortly before the government began to phase out temporary exemptions from stamp duty land tax on property purchases.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.