October house prices rose at fastest pace since 2002: RICS |
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Published
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Fri, 17 Nov 2006 11:25
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LONDON - The latest report issued by the Royal Institution of Chartered Surveyors (RICS) has said that house prices are rising at their fastest pace since 2002. RICS said that over 50 percent of its members reported an increase in demand for properties during October.
The high demand for properties is going on despite an increase in interest rates by the Bank of England. In fact after August the housing market has seen an all round positive trend. Last week the Bank of England raised the interest rates once again. RICS' figures cover the last week before the base rats were increased.
"Even after last week's interest rate rise, surveyors are still confident that the housing market will remain buoyant," said Rics spokesman Ian Perry. "London continues to see City bonuses inflate the housing market beyond the accessibility levels of most first-time buyers, and the rest of nation is showing early signs of building up momentum as prices pick up in the laggard markets of the Midlands and northern England."
Enquiries from new buyers have also surged, Rics said, adding that its surveyors remained confident that the housing market would continue to show robust growth well into 2007. The ratio of completed sales to available property increased to 40.9% from 39.1%, Rics said.
It is estimated that the decreasing supplies of properties will fuel price rises. Perry said that an assessment needs to be made on spending indicators in the Christmas period, "But the market is unlikely to feel cold winds from high finance costs until mid-year at the earliest as economic conditions are favorable," he added.
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Rics guide to buying and selling properties at auctions 