House prices still on the up - RICS

House prices have risen in Norwich despite the interest rate hike, the latest RICS (Royal Institution of Chartered Surveyors) report states.

House prices have risen in Norwich despite the interest rate hike, the latest RICS (Royal Institution of Chartered Surveyors) report states.

Prices rose for the fifth consecutive month in August, up at the fastest pace since May 2004, said the survey.

RICS estate agents reported that price rises are being driven by a combination of would-be buyers returning to the market and limited availability of new property.

Buyer inquiries accelerated at the fastest pace since September 2003 and newly agreed sales showed a strong rise in August, up at the fastest pace since last November.


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The price boom continued in the South East and London as the City economy strengthened. In East Anglia, prices surged from a near standstill.

RICS spokesman for Norfolk, Peter Hornor, said: “The interest rate freeze will mean that the housing market will maintain its current positive momentum. Would-be buyers have been encouraged by a strong economic performance, but additional rises in interest rates before the end of the year could deter buyers as more pressure builds on personal finances.”

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