UK House Prices Stabilize In February: RICS

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UK house prices stabilized in February and property coming to the market for sale declined, survey data from the Royal Institution of Chartered Surveyors showed Thursday.

The net house price balance fell to zero in February.

The new buyer enquiries balance, a leading indicator of demand, declined for the 11th consecutive month. The number of properties on the estate agents' books reached a record low.

Agents forecast house prices to grow at a slightly slower pace than rents but both are expected to grow around 15 percent over the next five years.

Chancellor had abolished stamp duty for first-time buyers on homes valued up to GBP 300,000 in his budget in November. But this action is "not having a significant impact on overall demand," RICS said.