UK house price pick-up worrying, say surveyors

houses in north london

House prices in most areas of the UK outside London and the North are still rising, according to a poll of property surveyors.

In what they call a "worrying" trend, many of them expect house prices to continue rising over the next year.

Members of the Royal Institution of Chartered Surveyors (Rics) said demand for flats and houses was currently outweighing supply.

A net balance of 21% of surveyors reported prices up in March.

In other words, those recording prices increases outnumbered those recording falls by nearly a quarter.

The surveyors were even more confident that prices will rise over the next year.

Simon Rubinsohn, Rics' chief economist, said activity in the housing market was falling back.

"Even more worrying are the tentative signs that price momentum could be set to pick up once again, as the supply of stock to the market continues to fall," he said.

"It is significant that price expectations nationally are accelerating both at the three and twelve-month time horizons, and at the latter, they are at their highest level since the spring of last year."

In its most recent report, the Halifax said that prices in the UK rose by 0.4% in March, after falling by 0.3% in February.

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