UK house prices increased at the strongest pace since 2016 as almost all regions logged price increases, survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance rose to +44 percent in August, the highest reading since 2016, from +13 percent registered in July. The expected balance was +25 percent.
This marked a dramatic turnaround compared to the reading of -33 percent registered back in May. The agency said virtually all parts of the UK are now seeing prices increase to a greater or lesser degree. London was the only exception.
Enquiries, sales and new instructions all continued to rise firmly in August, the survey showed.
The pandemic was expected to cause a lasting shift in the desirability of certain property characteristics, as 83 percent of respondents anticipate demand increasing for homes with gardens over the next two years.
A net balance of 63 percent of contributors reported an increase in buyer interest during August. Further, about 46 percent of participants said new instructions being listed onto the sales market continued to rise.
A strong growth in agreed sales was cited for a third successive month, with a net balance of +61 percent of contributors seeing a pick-up.
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