INTEREST rate rises and speculation of a house price crash have done little to cool the booming property market, figures showed today.

The Royal Institution of Chartered Surveyors said the market remained tight as potential buyers had not been put off looking for a property, while homeowners had not been prompted to put their houses up for sale.

During April chartered surveyor estate agents in England and Wales had an average of just 58 properties on their books, 20 per cent less than a year ago. The shortage of properties kept pressure on prices, which surveyors expect will continue to rise.

However, the group added that it expects to see some slowdown in price rises in the second half of the year, as interest rates increase further.

Surveyors in northern England and Wales are particularly confident about seeing further rises, while the level of sales is expected to pick up in London and the south east. Tweet