British house prices rose for the first time in over a year in the three months to November and surveyors are optimistic about further gains, a new report shows.
The Royal Institution of Chartered Surveyors (RICS) said its house prices balance climbed to +4 in November from an upwardly revised -8 in the three months to October. House prices had fallen for 15 months.
And surveyors' outlook for prices was its most upbeat in a year and a half, as house sales had increased while the number of available properties had declined, suggesting that buyers are losing the upper hand in the market.
"All the numbers point to renewed price rises. There is a universal expectation from agents that interest rates are heading down again in the new year, which is providing the market with confidence," said RICS spokesman Ian Perry.
The survey showed the number of completed sales rose to their highest level since October 2004 in the three months to November to 23.4 per surveyor from 22.8 in October.