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UK property prices 'will continue to rise'

UK property prices 'will continue to rise'
Property prices in the UK will keep increasing during the early stages of next year, according to one expert.

Chief economist of the Royal Institution of Chartered Surveyors Simon Rubinsohn suggested that although the fresh supply of homes is picking up around the country, it is still lagging behind the interest of property seekers.

For this reason, the market will tighten, he predicted.

"Despite the probable ending of the extended zero rate band for stamp duty at the end of the year, the likelihood is that prices will continue to rise in the early part of 2010," he remarked.

Mr Rubinsohn's comments follow the release of the latest Halifax price index, which revealed there was an average rise in the value of properties in Britain of 1.4 per cent last month.

The typical cost of homes in the UK was said to stand at £167,664 in November, the bank said.