UK house prices hit a seven-month high in November, suggesting a resilient economy despite the Brexit vote, that's according to the Royal Institution of Chartered Surveyors (RICS) which recorded a rise in its measure of house price growth.
Simon Rubinsohn, RICS chief economist, said the number of prospective buyers remains low and, given the uncertain outlook for Britain’s economy, a recovery in the market is likely to be modest.
“This is significant not just for the housing market itself but also for the wider economy given how much of consumer spending is tied in with home purchases,” Mr Rubinsohn said.
In a separate survey, Halifax's price index recorded a 6 per cent annual increase in house prices in the three months to November, up from last month's figure of 5.2 per cent.
Howard Archer, economist at IHS Global Insight, said house prices were likely to see modest growth in the short term, but will slow down at the end of 2017 to around 2 per cent.
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