House price growth in the UK has been gaining momentum but mortgage rates may curtail the recovery in housing market activity “before long”, according to surveyors.

A net balance of 25% of property professionals reported house prices rising in November, increasing from a balance of 16% observing a rise in October, the Royal Institution of Chartered Surveyors said. The findings mark the fourth consecutive month of rising prices.

Professionals expect house prices to continue rising over the next three and 12 months, the report said.

New buyer inquiries and new instructions to sell properties also increased in November, although the volume of sales being agreed remained broadly unchanged, Rics said.

A net balance of 19% of professionals predict an increase in sales activity over the next three months. But market appraisals in November were on par with levels one year ago, which could signal a potential slowdown in the pipeline of new listings moving into 2025, the report added.