House prices are still rising despite an increase in the number of properties being put up for sale, new research has revealed.
The number of properties being placed on the market increased for the sixth month in a row in November, but demand from potential homebuyers is still outstripping supply, with enquiries rising once again.
"For the fourth month in a row, the survey points towards prices rising, even though the general state of the economy would suggest that the housing market should not be faring as well as it is," said Ian Perry, RICS spokesperson.
"Despite modest increases in the number of properties coming on to the market, it is clear that this is not significant enough to keep pace with the levels of demand. Buyer enquiries are continuing to grow and with the pace of job losses now easing, the risk is that the new year could see a further wave of interest in the market."
Meanwhile, the latest data from the Department for Communities and Local Government found the average price of a home in the UK increased by 0.5% between September and October to £198,450.
Although prices remained 2.2% lower than a year earlier, the gap narrowed from the -4.1% seen in September.
The average price paid by first time buyers was found to be 0.1% lower than a year ago. However, average house prices paid by former owner-occupiers were 3% lower.
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