Expectations for future house price growth hit a 14-year high during November 2013 as the number of homes coming on to the market fell short of rising buyer demand according to RICS.

59% more chartered surveyors across the country expect prices to continue their upward trend rather than fall back over the next three months, this is the highest reading since September 1999.

Simon Rubinsohn, RICS Chief Economist, said: “It’s no secret that the housing market is on the way up and prices are surging ahead in many parts of the country. The Bank of England’s recent decision to withdraw the Funding for Lending scheme – which allows banks to borrow more cheaply and pass the benefits on to mortgage applicants – could well have some impact on the number of people able to purchase a home. Although the improvement in wholesale and retail funding markets may mean the impact on mortgages is relatively limited.

“One thing we are very concerned about, however, is the lack of both new and existing homes coming on to the market. As the Chancellor pointed out last week, housebuilding is on the up, but it is rising nowhere near quickly enough to make up the shortfall that has built up in recent years. If there is not meaningful increase in new homes, the likelihood is that prices, and for that matter rents, will continue to push upwards making the cost of shelter ever more unaffordable.”

Prices picked up sharply as a net balance of 58% more respondents reported price growth with each region in the UK seeing prices rise for a second successive month.

The number of property transactions to rise with the average number of homes sold per chartered surveyor was 20.6 in the rolling quarter to November 2013 compared with the same period in 2013 when only 15.9 were sold.