At the same time the ratio of completed sales to stock rose to 51%, the highest for thirteen years, a clear indication that the housing market has recovered from the downturn following 11 September.

The average number of house sales per chartered surveyor was 37, up one from last month. The average number of homes on surveyors' books remained the same in January at 74.

The rapid rise in prices was seen in almost all parts of England and Wales. The exception was the West Midlands where the difference between those reporting rises and those reporting falls fell to 32%, down 1% from the previous month.

More surveyors in London and the South East were reporting price rises than in any other region, but this was due to both regions catching up, following the price falls they showed towards the end of last year.

Looking ahead, RICS members expect the present trend in prices to continue for the next three months, with the difference between surveyors expecting rises and those expecting falls at 55%, the highest recorded for a year.

A similar number of contributors to the survey are optimistic that the overall market will continue to flourish, with a difference of 60% expecting to see completed sales increase in the coming months.

RICS residential housing spokesman, Ian Perry, said: 'The housing market is showing considerable strength right across the board, from prices through sales to new enquiries. The fear of recession, which had held people back at the end of the year, has largely disappeared, as has the downturn in the market following 11 September.

'This is reflected in the renewed confidence we are seeing from homebuyers, and rising prices. The market recovery has been extended through all types of housing, and looks set to continue in the coming months, although the increasing number of job losses being reported in the media could have a restraining influence on the market should they continue.'

Instant Insights /

UK House Prices Continue to Rise, Say Surveyors

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