UK RICS report The Party is not Over

With the conference season over, it seems party leaders have done nothing to unsettle international confidence. The credit ratings agency Moody's Investors Service, in an interview with Reuters on Monday, indicated that past 3 weeks of political posturing had reinforced Britain's triple-A rating.

As the 175-billion-pound rescue package by the Bank of England feeds into the economy, Britain is beginning to emerge from the steepest recession in decades.

While analysts believe the Bank is close to withdrawing quantitative easing (QE) opinion is divided over exactly when. Gordon Brown, speaking to a business audience this week showed he was wary of reducing QE too soon. Then again he would say that with a general election looming.

Meanwhile the stimulus package continues to feed through to house price recovery.

The latest Royal Institution of Chartered Surveyors survey for England and Wales released on Tuesday showed house prices rising at their fastest rate since the credit crunch began more than two years ago.

22 percent more RICS surveyors reported rises than falls in the last quarter, the highest reading since the credit crunch began.

This reinforces recent reports by the major mortgage lenders showing the falls of last year are being reversed by record low interest rates and a continuing tight supply of property for sale.

The RICS survey showed demand continues to outstrip supply in the real estate market, helping the key forward indicator ratio of sales versus inventory to rise for a ninth consecutive month to its highest level since December 2007. Unsurprisingly the majority of surveyors questioned expected the current upward trend to continue through the next quarter.

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