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, rose to +16% in October 2024. This marked an increase from +11% in September and zero in August. The latest reading exceeded expectations, which had predicted no change at +11%, and is the highest in two years. When broken down by region, Northern Ireland, Scotland, the North East, North West, and London all reported positive house price balances. Looking ahead, a growing number of respondents now expect house prices to continue rising over the next three months, with the net balance for this indicator climbing to +20%, up from +12% in the previous survey. In addition, virtually all regions of the UK are forecast to experience house price increases over the next year, with particularly strong growth expected to continue in Northern Ireland and Scotland.