Estate agents for sale signs outside of London
Media playback is unsupported on your device

Rics: House price rise expected 'across all areas' in 2014

19 December 2013 Last updated at 11:37 GMT

The Royal Institution of Chartered Surveyors (Rics) is forecasting that UK house prices will rise by 8% in 2014, with rents rising by 2%.

Peter Bolton King, the organisation's global residential director, told the Today programme's Simon Jack that a growth in housing prices is expected "across all areas" of the UK, ranging from 4% in Northern Ireland to 11% in London.

He added that this rise is being driven by "the increasing gap between the demand [for houses] and properties coming onto the market".

Mr Bolton King also noted that this lack of supply is likely to cause rent prices to increase, even though "you would actually expect the rental market to go the opposite way to the sales market".

First broadcast on BBC Radio 4's Today programme on Thursday 19 December 2013.