The recent survey results which was issued by RICS has suggested that house prices will continue to increase in the short term.
The survey showed that sellers are now coming back to the property investment market, but they are still being outnumbered by the number of buyers waiting for property. Most of the surveyors who observed an increase rather than a fall in October went up from 30% the previous month to 34%. RICS stated that this result was the strongest balance of price increases since last December.
According to RICS, London has led the way for the price rises, although there was a significant upward trend in all regions in October, especially in the North of England and the South West.
The survey also provided evidence that activity was rising, but were slowing due to supply shortage which was limiting activity.
Completed sales have gradually risen to an average of 19% per surveyor during the past three months, amounting to marginally less than three sales every two weeks.