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House Prices Keep Rising Across the UK

LONDON-The Royal Institution of Chartered Surveyors' latest residential housing survey shows that house prices are roaring ahead. Nearly 60 per cent of its residential estate agent members reported price rises in March

By Charlie Jacoby | Updated on April 25, 2002

LONDON-House prices continue to accelerate across the UK. According to the Royal Institution of Chartered Surveyors’ latest residential housing survey, 8% more of its surveyors reported price rises in March, bringing the total to 57%..

The RICS reveals that the shortage of houses coming on to the market is supporting prices as the market continues to boom. The number of properties for sale, however, is the lowest for two years, despite the fact that spring is traditionally the busiest time of the year. The fastest price rises have been in the regions away from London and the South East, where the pace slowed. This is probably as a result of higher overall prices and concerns over possible interest rate rises.

In the coming months chartered surveyors expect price rises to continue, with the proportion of surveyors expecting rises against those expecting prices to fall at 71 per cent, exactly the same as the month before. However, the outlook for the number of sales is less positive. Contributors to the survey do expect sales to increase, but at a slower pace, with the difference between chartered surveyors expecting sales to rise against those expecting sales to fall at 43 per cent, down from 64 per cent last month.

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