Seasonally adjusted
two-year high

House prices rose at their fastest pace in three years

House prices in England and Wales rose at their fastest pace in three years in November 2009, but there are signs that activity may be levelling off just as new instructions to sell hit a two-year high, according to a survey by the Royal Institution of Chartered Surveyors (RICS).

Seasonally adjusted net balance of surveyors reported rising prices was 35 per cent last during November, up from 34 percent in October and the highest since November 2006.

House prices have started rising again in annual terms in recent months, having slumped around 20 per cent from their peak during the financial crisis. However, prices have largely been supported by a lack of supply.

The RICS survey showed that, for now, demand continued to outpace supply, with the sales-to-stock ratio rising to 31 from 30 in October, a two-year high.
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