UK property prices rose to their highest level in four years in September, mainly due to a shortage of property supply, according to the Royal Institution of Chartered Surveyors.

Over 45% more chartered surveyors reported a rise in prices in September than a fall, which is the highest number since October 2002.

Jeremy Leaf of RICS says: "Greater economic activity has created a ripple effect in house prices across the country.

"Continuing house price rises will make it difficult for the Bank of England to leave the base interest rate level at 4.75%."