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UK house price balance lowest since March 2013

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UK house price balance lowest since March 2013

The headline price balance of U.K. houses fell to zero in November, pointing to flat prices at the national level over the month, the Royal Institution of Chartered Surveyors said.

This was the lowest level for RICS' price balance since March 2013, Reuters said.

The price balance was negative in London, the South East and East Anglia, while solid gains were reported in Wales, Northern Ireland and the North West, the RICS report said.

Price expectations over the next three months were "more or less flat" at the national level, with the net balance moving to negative 5% in November from negative 10% in October.

"It is clear from the results than the mood music in London and the South East is very much flatter than elsewhere and, interestingly, the forward-looking indicators suggest this is likely to persist into the new year," said RICS chief economist Simon Rubinsohn.

He added that it remains to be seen whether scrapping stamp duty for first-time buyers would have a positive impact on the housing market.