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A new housing report from the Royal Institute of Chartered Surveyors has revealed that UK house prices are on the up after a promising rise in demand.

The report found that the net balance of Chartered surveyors who saw price rises in their area rose to 57% through October, an eleven year high.

Speaking yesterday Simon Rubhinson, Chief economist for RICS, said:

"It's no secret the housing market is gathering some momentum and that buyer numbers are on the rise right across the country. A greater willingness by lenders to increase loan to values on mortgage products allied to the Help to Buy scheme has meant that more and more first time buyers are in a position to enter the market.

"In spite of this, the amount of homes currently up for sale is still nowhere near enough to keep up with demand and - in order for the market to function correctly - this imbalance urgently needs to be addressed.

"Housebuilding starts have picked up recently but we are still well behind in terms of the amount of properties needed. If we are to create a more sustainable market, it is critical that many more good quality homes are built in areas where people want to live."

Recent figures released by the Bank of England suggest that lending to individuals is also experiencing a surge. In September there was an increase of £1.4billion compared to August. Economists are hoping that the second part of the government's  Help to Buy scheme, rolled out last month, will encourage further lending by reducing deposit requirements.

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