AN index of United Kingdom house prices held near a four-year high in November, driven by London and Northern Ireland, the Royal Institute of Chartered Surveyors said in a survey published yesterday. The number of real-estate agents and land surveyors reporting higher home values outnumbered those showing declines by 47.4 percentage points.
That follows a reading of 47.7 points in October, which was the highest since September 2002, according to the survey by the London-based RICS. Growing employment, faster economic expansion and record bonuses for people who work in financial services are boosting demand for housing in Britain.
The market has shrugged off the Bank of England's two interest rate increases since August, which brought borrowing costs to a five-year high, Bloomberg News said. "Strong employment conditions and a robust economy continue to shield the market from any dip," said Jeremy Leaf, a RICS spokesman.
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