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UK House Price Balance Rises In May: RICS

UK house prices increased in May as the delay in Brexit helped to curb continuous fall in prices, the Royal Institution of Chartered Surveyors reported Thursday.

The house price balance rose more-than-expected to -10 percent in May from -22 percent in previous month. The balance was forecast to rise marginally to -21 percent.

The balance indicates the difference between participants reporting increase and declines in house prices.

The house price balance improved in May after the deadline for the UK to leave the EU has been extended to October 31 from March 29. The housing market has shown weakness since Brexit referendum in 2016.

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