By Wiktor Szary
LONDON--U.K. house prices grew in October following a slump in the immediate aftermath of Britain's June 23 vote to leave the European Union, a survey of property brokers showed Thursday.
The Royal Institution of Chartered Surveyors said its price indicator stood at plus 23 in October, up from a reading of plus 18 in September. The higher reading means a bigger percentage of property brokers reported a price increase compared with those reporting a decline.
Demand for residential property in the U.K. rose for the second consecutive month in October, the survey showed, propping up prices. But the key factor supporting price growth was a continued shortage of properties for sale, the surveyors institution said.
"The dire shortageof available housing across the U.K. is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit," said RICS Chief Economist Simon Rubinsohn.
Economists are closely watching house prices as a potential indicator of the overall health of the world's fifth-largest economy. Over the past three decades, U.K. households have cut spending every time house prices have fallen.
Write to Wiktor Szary at Wiktor.Szary@wsj.com
(END) Dow Jones Newswires
November 09, 2016 19:15 ET (00:15 GMT)
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