British house price growth accelerated in October, fuelled once again by a shortage of new homes coming to the market, a body representing property valuers said on Thursday.
The Royal Institution of Chartered Surveyors (RICS) said its monthly house price balance rose to +49 from +44 in September, topping a Reuters poll consensus of +45 and not far off August’s 15-month high of +53.
All parts of the country reported rising prices, while new instructions coming to the market decreased for a ninth month in a row, RICS said.
“The legacy of the drop in new build following the onset of the global financial crisis is now really hitting home, with both the sales and letting markets continuing to show demand outstripping supply on a month by month basis,” Simon Rubinsohn, RICS chief economist, said.
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