U.K. house-price growth cooled in February as pent-up demand from potential buyers previously shut out of the market eased, according to the Royal Institution of Chartered Surveyors.
A gauge of values fell to 45 from 52 the previous month, RICS said in an e-mailed statement in London today, citing a survey of property surveyors. While the number of new buyers rose at the slowest rate in almost a year, a shortage of homes for sale meant prices advanced for an 11th consecutive month.
A broadening economic recovery, government incentives and record-low interest rates have fueled the property market after the financial crisis caused banks to curtail lending, locking out first-time buyers who could not afford large deposits. With data last week showing mortgage approvals increased to the most since 2007, housing-market strength has prompted the BOE to end its support for home loans, and Chief Economist Spencer Dale said last month that officials are alert to the risks.