UK housing market on the rise

Cold weather deterred fresh sellers and would be buyers into the market in January, but property sales continued to pick up across the UK-  according to the latest survey from the Royal Institution of Chartered Surveyors (RICS).UK housing market on the risePrices remained steady and Peter Bolton King of RICS suggested the “very worst” could be over for the property market.

Lending and sales have been improved by the Funding for Lending Scheme.

The quantity of new homes being put on the market, combined with the number of new enquiries from potential buyers, both fell last month however RICS suggest that this was possibly because of the cold weather across most of the UK.

Completed sales rose by 5% last year to 932,000, according to HM Revenue and Customs (HMRC).

That was the peak level of sales since 2007 and the financial crisis.

Fresh figures from the Bank of England suggested that the number of mortgages agreed by lenders for home buyers rose in December for the fifth month in a row and are a good indicator of future sales.

This morning UK Inflation remained steady for the fourth straight month according to the figures from the Office for National Statistics.

In the report the consumer price moved at a seasonally adjusted 2.7% in January unmoved from December against an expectation of 2.8%. Month on Month prices fell 0.5% compared to expectations for a 0.4% decline, after rising 0.5% in December.

Following the release of that data, Cable has fell from 1.5668 earlier today to 1.5584 at the time of writing. As for the rest of the day markets will turn their attention to a Draghi press conference in Spain which he will conduct with Spanish PM Rajoy at 14.30GMT.

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