U.K. House Prices Cool Down

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.

Bloomberg

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.