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UK house prices post weakest growth in 4 years: RICS

British house prices rose at their slowest rate in over four years in July, while the number of sales decreased due to low supply of property, tax changes and political uncertainty, the Royal Institution of Chartered Surveyors, or RICS, said Aug. 10.

The net balance of surveyors predicting price increases fell to +1% in July, down from +7% in June, the softest reading since early 2013, reported Business Insider UK.

Price growth in southeast England fell into negative territory, but was positive in Northern Ireland and southwest England.

RICS said a sustained fall in new listings mainly held back the market, with new instructions falling for the 17th month in the row.

Price expectations signal a flat trend over the next three months with a net balance of +28% anticipating an increase in prices, said RICS.