U.K. house price balance surges in October, demand rises for 2nd consecutive month

House price balance in the United Kingdom surged during the month of October, with demand for residential properties rising for the second consecutive month during the period.

U.K.’s house price balance jumped 23.0 percent in October, data released by the latest survey from the Royal Institution of Chartered Surveyors showed Thursday. That beat forecasts for an increase of 18.0 percent, which would have been unchanged from the previous month following an upward revision from 17.0 percent.

The housing market continues to rebound, analysts suggested, following the volatility induced by the Brexit vote over the summer. The higher reading means a bigger percentage of property brokers reported a price increase compared with those reporting a decline.

"The dire shortage of available housing across the U.K. is continuing to push prices upwards, regardless of the uncertainty linked to the ongoing discussions surrounding Brexit," said Simon Rubinsohn, Chief Economist, RICS.

Meanwhile, economists are closely eyeing house prices as a potential indicator of the overall health of the world's fifth-largest economy.