UK house prices rise at fastest rate in year

British house prices rose at their fastest rate in a year, last month, and a shortage of homes is likely to push prices higher over the next year, a body representing property valuers said yesterday.

The Royal Institution of Chartered Surveyors (RICS) said its monthly house-price balance rose to +44 in July, from +40 in June, the highest since July, 2014 and a bigger rise than most economists polled by Reuters had expected.

Buyers showed the highest demand for properties in six months, while those who owned homes seemed reluctant to move, because of the limited choice of other properties available, RICS said.