House prices continue increasing

UK house prices are still increasing, a new survey has indicated.

The Royal Institution of Chartered Surveyors (Rics) members’ poll for November found that instructions to sell jumped for the sixth month running.

However, while this indicates a rise in supply, this trend is failing to keep pace with higher demand.

Rics noted that this is pushing prices up, with a balance of 35 per cent of surveyors stating that they observed such a trend last month, up from 34 per cent in October.

Spokesman Ian Perry commented: “The survey points towards prices rising, even though the general state of the economy would suggest that the housing market should not be faring as well as it is.”

The results of the poll come a week after the Council of Mortgage Lenders revealed that the tally of homebuyer loans agreed in October was 55,300 – the largest number agreed since December 2007.

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