UK house prices jump by most since 2017 in post-election bounce - RICS

Dhwani Mehta FXStreet

According to a closely watched monthly survey conducted by the Royal Institution of Chartered Surveyors’ (RICS), the UK house prices rose at the fastest pace in nearly three years last month.

Key Details:

“Monthly house price index surged to +17 in January from -2 in December, its highest reading since May 2017 and above all forecasts from economists in a Reuters poll.

The growth was driven by a turnaround in London and southeast England, which had previously underperformed due to higher property purchase taxes and the prospect of Britain leaving the European Union in a disorderly way.

For the year ahead, there was the broadest expectation of price rises since January 2016.”

RICS Chief Economist, Simon Rubinsohn said: “It remains to be seen how long this newfound market momentum is sustained for, and political uncertainty may resurface towards the end of the year. But at this point in time contributors are optimistic.”

GBP/USD shys from the 1.30 handle ahead of key US data

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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