House prices in Britain in the three months to October rose at their fastest pace since December last year, according to a new survey. According to the Royal Institution of Chartered Surveyors (RICS), a net balance of 38pc of chartered surveyors questioned said they believed prices had risen in the latest three months, compared with 31pc the three months to September. RICS said speculation of interest rate hikes had little impact on demand and that buyer enquiries rose for the fifth time in a row. The Bank of England raised interest rates by 25 basis points to 3.75pc earlier this month, its first rate hike in almost four years, amid concerns over rising household debts.
"Sellers show few signs of panic, with available properties for sale posting another decline," RICS added. It said sellers have taken speculation of a rate rise "calmly" and that there were no signs that vendors were bringing sales forward because of fears that the housing market was heading for a sharp slowdown. //www.fxcentre.com