House price growth slowed in the U.K. in November for a sixth consecutive month, data from the Royal Institution of Chartered Surveyors shows.
The RICS house-price index fell to a reading of 13 in November from 20 in October. November’s was the lowest reading since May 2013. The reading for London was the lowest since 2010.
RICS said buyers could be proving cautious amid uncertainty ahead of next year’s election. However, it also noted that the trend could reverse after the reform of stamp duty announced last week, which cut the cost of purchasing a home for the majority of people.
“Transactions could increase by up to 5% over the next year” as a result, Simon Rubinsohn, chief economist at RICS, said.
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