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House prices will ‘continue to rise’

House prices are likely to keep on rising as sellers are returning to the property market, according to the Royal Institution of Chartered Surveyors (Rics).

Rics said that in October the balance of surveyors reporting price rises rather than falls increased to 34%, up from 20% in September - the strongest survey result in favour of rising prices since December 2006.

According to surveys from lenders such as the Nationwide and the Halifax, house prices across the country have been steadily rising since the spring.

"Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term," said Jeremy Leaf of Rics.

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Post Date: November 10th, 2009