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Surveyors are more upbeat about UK house price growth for the coming year despite new buyer demand falling back.
A survey by the Royal Institute of Chartered Surveyors found 63 per cent of surveyors in February forecast price growth at a national level for the year to come, up from 53 per cent in January.
The headline price balance held at 24 in February from a revised figure for January as respondents reported an increase in prices in most regions, with the strongest growth in the north west of England and Northern Ireland. However, surveyors reported deteriorating momentum in London house prices for the fourth consecutive month.
New buyer enquiries lost steam in February as well, ending on a flat reading after this measure registered growth in September following a period of uncertainty around the Brexit vote in June.
The number of new listings also fell with 14 per cent of respondents reporting a decline in instructions from clients, down from 12 per cent in January.