UK’s housing prices rose at fastest pace in three years
According to a new survey, the housing prices in the UK have risen by its fastest pace in three years as government policies to stabilise the sector attracted new buyers to the market.
The new survey from the Royal Institution of Chartered Surveyors showed that the seasonally adjusted house price balance was recorded at +5 during the month of May indicating that the more members recorded a rise in price than those who recorded a fall in the housing prices in the country.
The rating is the highest since June 2010, which the rating had also touched +5 and is above analyst forecast of +4.
The survey had showed that rating was recorded at +1 during the month of April this year. The balance has been mostly in the negative territory during the previous three years. The UK housing market is facing a difficult economic situation due to the slowdown in the economy as well as the on-going sovereign debt crisis in the Eurozone. The housing market has been under pressure due to austerity measures, low wage growth and difficult lending conditions in the UK.
Peter Bolton King, RICS global residential director said, "More people decided to get out there and view property, and more transactions went through than in quite some time." He added that the housing market is expected to stabilise in the entire UK and not just in the south of the country.