Worst shortage in 4 decades drives up UK house prices

London

UK house-price growth accelerated for a fourth month in May as the shortage of properties for sale reached its worst level in almost four decades, a survey found.

The Royal Institution of Chartered Surveyors (RICS) said on Thursday that its price gauge increased to 34 from 32 in April. Economists in a Bloomberg survey had forecast a reading of 36. In London, its measure jumped to the highest in almost a year.