Price rises pick up again

CAROLINE CULOT House prices rose at the fastest pace in more than four years last month, according to a survey.The survey by the RICS (Royal Institution of Chartered Surveyors) showed 48.

CAROLINE CULOT

House prices rose at the fastest pace in more than four years last month, according to a survey.

The survey by the RICS (Royal Institution of Chartered Surveyors) showed 48.1pc more members reported a rise than a fall in October, up from 45.7pc in September.

Last month's house price ripple has spread throughout the country with price momentum evident in the East and West Midlands.


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New buyer enquiries rebounded after last month's slowdown and rose for the 17th consecutive month, the longest run on record. The pace of the increase quickened as would-be-buyers returned to the market and shrugged off August's interest rate rise in the light of a strong economic and employment picture.

The ratio of completed sales compared to the stock of available property rose to 40.9pc from 39.1pc. This is the highest ratio in two years and indicates an increasingly buoyant market.

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Peter Hornor, RICS residential spokesman in Norfolk, said: “Even after last week's interest rate rise, surveyors are still confident that the housing market will remain buoyant. It is too early to discount a further interest rate early next year.

“An assessment needs to be made of the impact of higher interest rates on spending in the high street over the key Christmas period and the pulse of the business sector.”

Completed property sales per surveyor rose to the highest level since August 2004, wheras stocks of unsold property fell to the lowest level since the same date.

Confidence in sales outlook dropped back slightly, but the expected November interest rate rise did not dampen optimism in price outlooks, which rose to the highest level since March 2004.

Falling supply of property is expected to put further upward pressure on prices.

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