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Housing market "buoyant"

16 December 2003
The UK's housing market shows little sign of an imminent price crash, according to a new survey.

Despite the quarter point increase in interest rates by the Bank of England's Monetary Policy Committee last month, house prices climbed further in November throughout most of England and Wales, according to the Royal Institute of Chartered Surveyors (RICS).

A total of 17 per cent more surveyors reported price rises rather than price falls.

The majority of surveyors remained optimistic that house prices would continue to rise well into 2004.

RICS said a housing shortage supply and a strong jobs market explained the continued price rise.

Overall, a total of 90 per cent of surveyors in England and Wales said house prices would rise or remain stable during the next three months.

The London market, which has seen subdued property values for much of 2003, was "buoyant."

But the fastest increases in prices were seen outside the capital in the north of England, the West Midlands and Wales.