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gHello. Rapidly rising interest rates will not provide relief to the UK property market, according to a new report.

The Royal Institution of Chartered Surveyors (RICS) says a lack of upcoming properties on the market will offset declining buyer interest over the coming year.

A lack of properties for sale is expected to drive up prices, even if buyer interest wanes, according to the Royal Institution of Chartered Surveyors (RICS).

As sales continued to fall in July from the previous month, RICS said a net balance of 63% of surveyors signaled a rise in house prices rather than a fall.

This “firmly upward trend” has been reported across the UK and is expected to continue over the next 12 months, RICS said.

Meanwhile, the FTSE 100 is poised for a slight rally as relief from yesterday’s weaker-than-expected US inflation numbers supports markets.

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What happened overnight

Hong Kong shares opened with small gains on Thursday, with the Hang Seng Index climbing 1.17%, or 229.73 points, to 19,840.57.

The Shanghai Composite Index added 0.42%, or 13.45 points, to 3,243.47, while the Shenzhen Composite Index on China’s second largest stock exchange rose 0.47%, or 10.18 points, at 2,191.01.

coming today

  • Company : Antofagasta, Coca-Cola HBC, Derwent London, Entertain, M&G, Network International Holdings, OSB Group, Petrofac, Prudential, Savills, Spirax-Sarco Engineering (interims)
  • Economy: Unemployment Insurance Claims (US), Producer Price Index (US)

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