The latest house price survey from the Royal Institute of Chartered Accountants (RICS) finds house prices higher than ever for last month. It says that nearly 50% more surveyors reported rises rather than falls in their area, up from 45% in September, and still more than double the long run average of 21%. The continuing rises are also notable by spreading throughout the country last month. Originating in London and the South East the knock on effect of these increases is now hitting areas further north and west, and prices at the epicentre in London are accelerating at the fastest pace since June 1999. The pace of the increase also rose, as buyers shrugged off the rate rise in August in light of a strong economic and employment picture. ?Even after last week?s interest rate rise, surveyors are still confident that the housing market will remain buoyant,? said Ian Perry, RICS spokesman. ?It is currently too early to discount a further interest rate rise early next year,? he added. ?London continues to see City bonuses inflate the housing market beyond the accessibility levels of most first time buyers, and the rest of the nation is showing signs of building up momentum. But the market it unlikely to feel cold winds from high finance costs until mid year at the earliest as economic conditions are favourable.?
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