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UK house price inflation gathered momentum in February as prices increased across all parts of the country, residential survey data from the Royal Institution of Chartered Surveyors, or RICS, showed Thursday.
The house price balance rose sharply to 29 percent in February from 18 percent in January. This was also above economists' forecast of 20 percent.
According to RICS, Yorkshire and the Humber, London and East Anglia exhibited the strongest momentum in the February report.
A net balance of 22 percent of survey participants forecast prices to rise further over the next three months and a net 72 percent forecast prices to rise in the year to come.
The survey suggested a pick-up in sales in February. Also, new buyer enquiries, agreed sales and fresh listing increased over the survey period.
A headline net balance for buyer demand came in at 20 percent, marking a third consecutive rise in demand. On the back of demand, sales continued to rise with the net balance at 22 percent in February.
Going forward, near term sales expectations remained in positive territory for a fifth straight month, albeit the net balance eased to +26 percent from +33 percent.
RICS observed that optimism has moderated somewhat, with anecdotal evidence suggesting concerns over the economic impact of the coronavirus are weighing on the outlook to some extent.
New instructions coming onto the market for sale also edged higher for a third month in a row, with a national net balance of +15 percent of respondents noting a pick-up.
