The interest rate rise in November did not stop house prices increasing, according to the latest figures from the Royal Institution of Chartered Surveyors.

The report found that house prices rose sharply in most of England and Wales, and the London marker was particularly buoyant.

According to RICS the housing market displayed almost identical price growth in November compared to the previous month, despite the fact that interest rates were raised by the Bank of England at the start of the month.

The majority of chartered surveyors said they were optimistic about house prices rising in 2004.