19 February 2002, 09:41 UK house prices in the three months to January rose
LONDON (MktNews) - UK house prices in the three months to January
rose at their fastest pace in six months, according to the latest
residential housing survey from the Royal Institution of Chartered
Surveyors published Tuesday.
The balance of chartered surveyors across the country reporting
price rises in the three months to January rose to 46% from 29% in the
three months to December. This was the highest outturn since August
2001, with most surveyors reporting house price increases of up to 2%
over the period.
The survey also reported an acceleration in housing market
activity, with the average number of house sales rising to 37 in January
from 36 December. The average number of homes on surveyors' books
remained stable at 74.
RICS said that the rise in the completed sales to stock ratio to
51% in January, the highest for 13 years, was a clear indication that
the housing market had recovered from the post-Sept.11 downturn.
"The housing market is showing considerable strength right across
the board, from prices through sales to new enquiries," said RICS
residential housing spokesman Ian Perry.
He added, "The fear of recession, which had held people back at the
end of the year, has largely disappeared, as has the downturn in the
market following September 11th. This is reflected in the renewed
confidence we are seeing from homebuyers, and rising prices."
RICS said that more surveyors in the Southeast and London
reported
price increases, but suggested that these areas were recovering from
price falls seen in the latter part of last year.
House prices are also expected to remain buoyant over the next
three months, with a balance of 55% expecting to see a rise in prices,
the highest level for a year.
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