The key feature of the U.K. July RICS housing survey was the glaring contrast between the strength of new buyer enquiries and the weakness of new vendor instructions (a difference between them is taken as a measure of excess demand for housing). This was the case across virtually all regions of the UK. The consequence of this was a steady upturn in the RICS price series.



"These features is expected to continue in the August survey. It is notable, however, that the widely-watched Halifax and Nationwide house price series have yet to show the upturn displayed by the RICS price series", said Societe Generale in a research note to its client.