British house prices edged up from a five-and-a-half-year low in May and there was a tentative first sign of more properties for sale but it was too early to call a change in the sluggish property market, a surveyors group said. The Royal Institution of Chartered Surveyors’ (RICS) house price balance rose to -3 from -7 in April, once again dragged down by a weak market in London and echoing other measures of British house prices.
A Reuters poll of economists had pointed to a lesser improvement to -5. A measure of new properties coming on to the market turned positive for the first time in 27 months. However, RICS said its survey was ... (full story)