The vendor drought. It's what's keeping UK house prices on the up, according to the latest report by the Royal Institute of Chartered Surveyors. The September document's out, and shows cockiness among its members (the number reporting prices rises over falls) at its highest level since May 2007. Cockiness is at its peak in the south (there are areas of the north where members are glum), but nobody's fooled that this isn't really about a shortage of supply.

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