Fears of house price falls following the Brexit vote appear to have been allayed with the release of a report by a respected industry body.

House prices are predicted to rise by an average of 3.3% per annum over the next five years according to a survey by the Royal Institution of Chartered Surveyors (RICS), despite concerns over the impact of Brexit. The report noted that a key driver of prices was a shortage of available homes, with the level of stock on Estate Agents books approaching the 2015 low. Striking a note of caution, Halifax reported in its September price index report that homes were continuing to rise in price faster than the increase in wages.