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Surveyors record fifth month of house price rises

Thursday, 14 September 2006 12:00 AM

The resurgence in the housing market during August has been given further weight by chartered surveyors who recorded a fifth consecutive rise in house prices.

They rose at their fastest pace since May 2004, driven by large numbers of would-be buyers and limited availability of property.

Thirty-five per cent more surveyors reported a rise than a fall in house prices, up from 30 per cent in July, according to the Royal Institution of Chartered Surveyors' (RICS) monthly survey.

Buyer enquiries rose for the 15th consecutive month and at their fastest pace for two years.

"Would-be-buyers have been encouraged by a strong economic performance, but additional rises in interest rates before the end of the year, could deter buyers as more pressure builds on personal finances," said RICS spokesman Ian Perry.

"Further rises in house prices will prevent entry into the market. With accessibility 300 per cent worse than ten years ago, first-time buyers will continue to struggle."

However, the 0.25 per cent interest rate rise at the beginning of August has dampened the confidence of surveyors for the coming months - the survey recorded the largest fall in confidence since September 2005.

Declining confidence was particularly evident in London, but the capital and surrounding areas have continued to boom.

Prices also continued to rise in the north of England and surged in East Anglia following months of little movement.

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