House prices went up in October more quickly than in the last four years, so the Royal Institution of Chartered Surveyors (Rics) highlighted today.
A huge 48% more surveyors stated that house prices went up rather than down last month, greater than double the average figure of 2%.
As well as rising prices, there was an increase in enquiries from new buyers. This is 17th consecutive month
in which there has been an increase in inquiries. This is the longest run Rics have witnessed.
More positive news in terms of the property market, completed sales per surveyor went up to its highest level since August 2004, with unsold property stock dropping to its lowest level since August 2004.
The housing market is at its healthiest since the recent house price boom ended. This implies that November's increase in interest rates is being cast off by buyers.
Given the recent interest rate rise, the housing market is still looking buoyant with London and the south-east leading the resurgence.
House prices in London are going up faster than at any point since June 1999.
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Surveyors State House Prices Are Soaring Thu, 16 Nov 2006
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