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Rics: Housing price inflation 'halved'

12 July 2007
The level of house price inflation in the UK is at its weakest since January 2006, according to a new survey by the Royal Institution of Chartered Surveyors (Rics).

Rics claimed today that its house price balance had more than halved, with 10.6 per cent more of its members seeing a rise rather than a fall in house prices last month.

This is down from 22.5 per cent who reported such an increase in May.

The Rics monthly survey saw housing demand weakened in most UK regions in June, although Wales, Scotland and the Midlands were the exceptions.

However, compared to other similar polls, the Rics survey revealed different results. A poll for Reuters forecast a increase of 20 per cent, down only two per cent on May.

"While it is clear that higher rates are starting to have an impact on housing, the signals coming out of housing are not strong enough to point to a marked slowing in spending in the near term," Malcolm Barr, UK economist at JP Morgan, told Reuters.

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