House prices 'to keep on rising'

'House prices are likely to keep rising for the time being', says the Royal Institution of Chartered Surveyors (RICS).

A government property survey said house prices had risen by 6% between May and September. The Department for Communities and Local Government (DCLG) also said UK house prices rose by 1.2% in September. Although prices are still 4.1% lower than a year ago, this was the fourth monthly increase in a row and outs the average house price at £199,303 across the country.

The RICS survey said London was leading the way in terms of price rises, with a balance of 95% of estate agents in the capital reporting that prices were going up rather than down. Whereas the UK as a while, are reporting an increase from would-be sellers has risen from just 5% in September to 15% in October.

Catherine Penman, of property consultancy Carter Jones, said: "The September DCLG figures are further proof of the ongoing recovery in the residential property market, which is virtually unrecognisable from a year ago."

13 November 2009


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