House prices jumped higher over last 3 months

House prices are rising at the strongest level since December 2006, according to the latest Rics report, despite more homes coming on to the market.

The balance of surveyors reporting rises over the last three months jumped sharply higher to 34% in the three months to October, compared to 21% in September. This is the highest net balance since December 2006, when prices were rising at a rate of 10.5% annually.

Rics has aid that this is mainly down to the lack of quality homes for sale driving the property market’s recent resurgence. Nationwide’s October report said prices were now up 2% on a year ago, while Halifax had prices down 4.7% over 12 months. The Land Registry shows property transactions running at around two thirds of the normal level.

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