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House prices in the United Kingdom continued their upswing in November, with a survey showing that the net balance of respondents expecting house prices to rise moving up to its highest level in three years.
Data released by the Royal Institute of Chartered Surveyors showed that a net 35% saw house prices rising in November, the highest level since November 2006. This comes after a net balance of 34% in October, but comes in below expectations for a balance of 39%. The survey subtracts the percentage of surveyors reporting falling prices from those reporting rising prices.
"For the fourth month in a row, 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," said RICS spokesman Ian Perry.
"Buyer enquiries are continuing to grow and with the pace of job losses now easing, the risk is that the new year could see a further wave of interest in the market," he added.
London and the south-east of England witnessed the fastest rise in house prices in November. Prices were more or less flat in the north of England, while modest gains were recorded in the West Midlands and Scotland.
Other recent house price indicators for the U.K. have been largely positive. Halifax said that house prices rose 1.4% month-on-month in November, building on the 1.1% increase in the previous month. According to Halifax's calculations, house prices have been on the rise for five straight months.
"The recovery in house prices since the spring has been driven by increased demand for property, largely due to the improvement in affordability for existing homeowners and first-time buyers who can raise the necessary deposit," commented Martin Ellis, housing economist at Halifax.
On a yearly basis, house prices slid 1.6% in November compared to the 4.7% decrease in the preceding month.
Halifax said that increasing demand and low supply were causing house prices to rise and added that existing market conditions would continue to provide support to house prices in the short-term.
"Further ahead, the prospects for the market will depend on how the U.K. economy evolves and whether there is a significant increase in the supply of properties for sale," Ellis said. "Overall, our view is that house prices will be flat during 2010."
Nationwide also reported a rise in house prices November, albeit at a more modest pace. Monthly house price inflation, according to Nationwide estimates, was 0.5%, the same rate as in the preceding month.
However, property advertiser Rightmove reported a 2.2% monthly fall in house prices for December following a 1.6% fall in the previous month. Contrasting RICS' data, Rightmove said home prices were down across the country excepting East Anglia.
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