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House price rises in seasonal slowdown

House price rises in seasonal slowdown

Category: Economy

Updated: 12/01/2010
First Published: 12/01/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
House prices continued to rise in December but at a slower pace than in either October or November, the latest survey from the Royal Institution of Chartered Surveyors (RICS) has revealed.

The research found new enquiries from potential purchasers had continued to outpace new instructions, pushing prices higher.

However, with the festive break resulting in a slowing in new buyer interest, RICS said some of the upward momentum in prices had been lost.

Despite the seasonal stumble, transaction levels remained little changed, while the number of home sales completed per surveying firm continued to hover around 19 for the fourth consecutive month.

"It is likely that the new year will see more interest and activity in the market as those who held back start to market their property with renewed optimism," said RICS spokesperson, Jeremy Leaf.

Meanwhile, the latest data from the Department for Communities and Local Government has revealed that UK house prices in November were 1.7 per cent higher than in October and 0.6 per cent higher than in November 2008.

It means the average price of a home now stands at £200,454, more than £13,000 higher than the low point recorded in March last year.

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