UK house prices are set to rise another 8% in 2014 with new property instructions "close to stagnating", according to the RICS annual housing forecast.
London prices will continue to lead the charge, with a forecast job of around 11%. But the East of England and East Midlands should also see double-digit growth.
The cost of renting a home could rise by a further 2% next year, the RICS said.
House price growth is being driven by the acute imbalance between burgeoning buyer demand and sluggish supply.
Activity should gather pace in 2014, despite significant economic challenges, with the number of transactions hitting 1.2 million.
That is notably higher than the 1.05 million transactions seen in 2013, but is still far lower than before the financial crisis.
In 2006, transactions totalled 1.67 million.
The shortage of homes coming onto the market may be eased by a likely 20% jump in new starts in England over the next year.
That would push the total towards the 155,000 mark, up from 125,000 this year and around 100,000 in 2012, the RICS said.
While encouraging, this isn't enough to keep pace with recent rapid population growth.
The North East and Northern Ireland will experience the lowest rises with prices increasing by 5% and 4% respectively.
Prices in the UK as a whole will grow 8%.
Peter Bolton King, RICS global residential director, said: “The cost of a house is now picking-up right across the country and next year should see more of the same.
"We expect all areas of the country to see prices increase with London, predictably, recording the biggest rises.
"The improving economic picture aside, this is largely down to the fact that buyer numbers considerably outweigh the amount of homes on the market.
"While the number of new homes being built is now on the rise, it still won’t be anywhere near enough to meet demand and we expect the problem of insufficient housing stock to be the main driver behind price increases over the next 12 months.”
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