A new survey by the Royal Institution of Chartered Surveyors (RICS) has revealed that in October 2009 house prices continued to rise despite the increase in the number of available properties.

The report also contained evidence that all regions in the UK have posted an increase in properties coming on to the market for the first time since the credit crunch began, with the North, the South West and London ahead of the rest at this point.

According to the report, surveyors said prices have risen in London during October, with 34% nationwide stating the same. This is a +14% increase on September and the highest result since December 2006.

Jeremy Leaf, RICS’s spokesperson, said: “ Although the supply of property is beginning to pick-up, it is still insufficient to keep pace with the increase in demand which points to further prices gains in the near term. Cheap money remains a critical prop for the market and this is being reflected in the continuing appetite for finance from first-time buyers despite the large deposits still being demanded by lenders."

Buyer interest meanwhile has decreased slightly as new buyer enquiries dropped -4% to 31%, however transactions have improved with sales per surveyor up to 19 over the three months to October, with the sales to stock ration marginally improving to 30 – this is the measure of market slack and an indicator of future prices.