Property rises at two-year high

The traditional August lull failed to deter homebuyers who sent prices rising at the swiftest rate since May 2004.

The latest report from the Royal Institution of Chartered Surveyors (Rics), released today, shows buyers ignored last month's interest rate rise and the summer holiday period in their quest to find a new home.

Rics' report is keenly watched by the property industry and economists as it is judged to be one of the most accurate house price studies.

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