HOUSE prices here in the North West rose the fastest in the UK during January 2018, according to RICS, the Royal Institution of Chartered Surveyors.

Prices are expected to keep going up during the next 12 months, says the professional body in its latest market survey. Buyer inquiries "flattened" and new instructions fell, with homeowners reluctant to put their properties up for sale – but demand from tenants is growing.

In its survey, RICS says more chartered surveyors reported house price rises in the North West in January than any other part of the UK. Northern Ireland, Wales and the East Midlands also saw rises, while surveyors in London, the South East and East Anglia all reported a drop in prices.

The number of new homes coming onto the market fell in the North West last month, and there is no sign of an upturn in the flow of properties being put up for sale, says RICS.

However, many surveyors say they are confident sales will rise in the coming year.

Lack of houses for sale is pushing up prices in the North West, with nearly half of agents expecting prices to go up further in the next year.

In the letting market, demand from tenants was up, and 17 per cent of surveyors expect to see rent rises.

Simon Rubinsohn, chief economist for RICS, said: “The latest RICS results point to housing transactions remaining pretty subdued over the coming months despite some more positive comments from contributors to the survey. Lack of inventory on agents’ books continues to provide a major challenge with the number of valuations being undertaken not suggestive of a pick-up in new supply any time soon.”