The Royal Institution of Chartered Surveyors' (RICS) released its house price data on late Wednesday evening. The monthly house price balance increased to +44% in July from +40% in June, exceeding expectations for a gain to +42%.

The increase was driven by a shortage of properties.

"More worrying still is the suspicion that the imbalance between supply and demand will lead to even stronger price gains over the next 12 months," RICS Chief Economist, Simon Rubinsohn, said.