House prices rising due to short supply

Scarcity of properties kept their prices up. The Royal Institution of Chartered Surveyors said the number of its surveyors who reported a price rise during November hit a three-year high.

RICS said that 35 per cent more of its members reported a price increase during November than those who reported a drop in prices as demand continued to exceed supply.

This was the highest figure since November 2006.

Speaking on the topic, Timothy Waring from RICS said, "A reduced stock of property to sell is giving rise to upward pressure on prices."

According to the Halifax house price index, house prices jumped 1.4 per cent in November.

RICS also added that the number of properties being put for sale was on the increase.

Figures also showed that increased consumer confidence also boosted property prices.