House prices increased in April despite a greater number of properties going on the market, according to reports from the Royal Institute of Chartered Surveyors.

RICS reports that 28.9% more chartered surveyors have cited an increase in house prices during the month, up from 26.9% in March. Property investors such as those with buy-to-let mortgages can subsequently expect higher prices when looking into new properties. This is in spite of a boost in supply ahead of the introduction of home information packs in June. It is thought that many sellers are looking to market their properties before they are required to meet HIPs regulations on 1 June.

“The fear of paying the upfront buying costs of Hips has pushed more property onto the market”, said Ian Perry, RICS spokesperson. “This will continue throughout May but conditions should tighten if HIPs goes ahead on 1 June as sellers withdraw from the market.”