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Fundamental Forex Analysis

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

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.”

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