United Kingdom RICS House Price Balance

The RICS UK Residential Market Survey's house price balance, which tracks the difference between the percentage of respondents reporting price increases versus those seeing declines, jumped to +25% in November 2024. This marked an increase from +16% in October and exceeded market expectations of +19%. The series has now improved for four consecutive months and marked the highest reading since September 2022. When broken down, almost all parts of the UK are seeing an upturn in house prices, led by particularly strong growth being reported in Northern Ireland, the North West and North East of England, as well as in London. Looking ahead house prices are expected to continue to increase at both the three- and twelve-month time-frames. A net balance of +47% of respondents at the national level foresee house prices moving higher over the coming year, with all parts of the UK potentially seeing an increase in prices over the next twelve months.