The gauge by London-based RICS gained one point to minus 16 from the previous month, it said in a statement today. The reading is the highest since July 2010. A separate British Retail Consortium report showed retail sales rose in December.

“It’s encouraging that sales activity held up relatively well toward the end of the year,” Ian Perry, RICS housing spokesman, said in the statement. Still, “continuing problems with the economy and the ongoing instability in the euro zone seem to be weighing heavily on the U.K. housing market.”

The report is the latest to show the sovereign debt crisis in Europe is restraining demand for property in Britain, after Halifax said last week prices fell to the lowest level in 2 1/2 years. TheBank of England will probably maintain emergency stimulus for the economy at this week’s policy meeting.

RICS’ measure of sales per surveyor fell to 15.2 in December from 15.4 in November. A gauge of expected sales dropped to zero from 4, and its measure of new buyer inquires declined to 2 from 7.

London recorded a price gauge of 20 in December, and the capital was the only one of 12 regions tracked by RICS to show a positive result. The measure for the West Midlands was the weakest, at minus 56, followed by Scotland, at minus 51.

U.K. property prices (UKHBSAMM) fell 0.9 percent in December from the previous month to an average 160,063 pounds ($247,000), Lloyds Banking Group Plc (LLOY)’s Halifax division said Jan. 6. That’s the lowest since July 2009.

Interest Rates

The Bank of England will hold its key interest rate (UKBRBASE) at a record-low 0.5 percent on Jan. 12, according to all 53 economists in a Bloomberg News survey. It will also keep its bond-purchase plan at 275 billion pounds, according to the median estimate of 41 economists in a separate poll.

In its report, the BRC said sales at stores (KPRSLFLS) open at least 12 months, measured by value, rose 2.2 percent from a year earlier. In the three months through December, food sales showed a 2.1 percent increase from a year earlier, while non-food dropped 1.2 percent. Overall sales were up an annual 0.2 percent for the quarter.

“A solid December hasn’t rescued a pretty miserable year,” BRC Director General Stephen Robertson said in the report. “2010 is expected to be an equally challenging year.”

To contact the reporter on this story: Jennifer Ryan in London at jryan13@bloomberg.net

To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net

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