The RICS reveals that the shortage of houses coming on to the market is supporting prices as the market continues to boom. The number of properties for sale, however, is the lowest for two years, despite the fact that spring is traditionally the busiest time of the year. The fastest price rises have been in the regions away from London and the South East, where the pace slowed. This is probably as a result of higher overall prices and concerns over possible interest rate rises.

In the coming months chartered surveyors expect price rises to continue, with the proportion of surveyors expecting rises against those expecting prices to fall at 71 per cent, exactly the same as the month before. However, the outlook for the number of sales is less positive. Contributors to the survey do expect sales to increase, but at a slower pace, with the difference between chartered surveyors expecting sales to rise against those expecting sales to fall at 43 per cent, down from 64 per cent last month.

RICS national housing spokesman, Ian Perry, says: "'The housing market is busy right across the country with no end in sight to rising prices, despite many predictions that the bubble is about to burst.