RTTNews reports that survey results from the Royal Institution of Chartered Surveyors (RICS) showed that UK house prices continued to increase in May driven by robust demand and a shortfall of new instructions.

The house price balance rose to 83 percent in May from 76 percent in April. This was the fourth successive month in which upward pressure on house price seemingly intensified, RICS said.

A net 45 percent of respondents expect house prices to rise in the near-term, which was virtually unchanged from the net 47 percent in April.

Likewise, twelve month price expectations remained elevated, with a net balance of +64 percent of contributors anticipating an increase over the year to come.

Newly agreed sales also increased in May, evidenced by a net balance of +30 percent of contributors reporting an increase.