The recent rate rises have not dampened the housing market, say the Royal Institute of Chartered Surveyors (RICS).
Their latest survey of member estate agents shows that property prices rose yet again in March - making a grand total of 17 months of price increases in a row.
First time buyer enquiries did fall again, however, but this trend appears to gradually be slowing. Generally, the RICS stated that the UK housing market was in "rude health" but Jeremy Leaf, spokesman, warned: "The housing market has absorbed the initial interest rate barrage, but history tells us that further rate rises could knock confidence and activity significantly later in the year.
"However, house prices are unlikely to fall in the short term, while the economic outlook remains robust. The aim of the rate rises had been to prevent widespread inflation in the UK economy, not specifically the housing sector, but many people expected the property inflation to ease off swiftly as a result.
This has not occurred though, according to reports such as that from the Halifax who say that house price inflation was at 11% in March alone. The number of new mortgages approved has also apparently remained stable.
The fastest rising house prices in the UK can be found in Antrim, in Northern Ireland, and, of course, London.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article