By Daniel Hunter

The Royal Institution of Chartered Surveyors (Rics) have said that there is 'soaring demand' from house buyers.

The concern for Rics is that there are not enough houses coming onto the market, and as such urgent action is needed to cope with the demand.

Rics said that "rocketing interest" from potential buyers was "dwarfing" the number of properties for sale.

In the meantime, official figures out later are expected to show UK house prices hitting another record high.

The comments from Rics accompanied the results of its latest monthly survey of its members.

It measured the opinion of 300 chartered surveyors across the country.

In October those reporting price rises outnumbered those reporting no rises by the highest margin since 2002.

"The amount of homes currently up for sale is still nowhere near enough to keep up with demand," said Simon Rubinsohn, the chief economist of Rics.

"In order for the market to function correctly, this imbalance urgently needs to be addressed." he said.

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