British house prices are rising at their fastest pace in more than three years, helped by initiatives to reduce borrowing costs, a survey indicated on Tuesday.
The Royal Institution of Chartered Surveyors’ seasonally adjusted house price balance jumped to 21 in June from 5 in May. That was the best reading since January 2010 and the biggest improvement in a single month since 2009.
The balance turned positive in April having been in negative territory for most of the past three years.
“After what has seemed like a very long wait we are finally starting to see what looks like the beginning of a recovery in the housing market,” said Peter Bolton King, RICS global residential director.