UK house prices rose at the quickest pace in more than four years during the three months to October, a survey showed today.
The Royal Institution of Chartered Surveyors (RICS) said its house price balance rose to +48.1 in October from +45.7 in the three months to September - the strongest reading since September 2002 and more than double the long-run average of +21.
The sales-to-stock ratio, which economists say is a more reliable gauge of the health of the market, rose to +40.9 from +39.1 - the highest ratio in over two years.
"Even after last week's interest rate rise, surveyors are still confident that the housing market will remain buoyant," said an RICS spokesman.
"The market is unlikely to feel cold winds from high finance costs until mid-year at the earliest as economic conditions are favourable."
The RICS data echoes other property surveys that have portrayed a robust market following August's interest rate rise to 4.75 per cent, but analysts have said the market may flag next year after last week's rise in borrowing costs.
The Bank of England increased rates to 5 per cent - their highest level in five years - but did not make explicit mention of the buoyant house market when it gave reasons for the move.