UK House Price Growth Picks up Steam in October – RICS

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.


Craig Erlam
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the BBC and The Telegraph, and he also appears regularly as a guest commentator on Bloomberg TV, CNBC, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.