The continued strength of the UK employment will be a key factor behind the property market remaining buoyant, the Royal Institute of Chartered Surveyors (Rics) has stated.

According to the organisation, the recent figures released by the Council of Mortgage Lenders, which show that mortgage lending reached a new record of £34.2 billion in June, are not "surprising" given that less than 50 per cent of the increase in interest rates over the past years has been passed on to mortgage borrowers.

In addition, the seasonal trends have also seen lending in June be up by nine per cent on May's total, though such high borrowing levels have added to the widespread concerns that the Bank of England will introduce further rate rises in order to curb consumers' debt.

Oliver Gilmartin, senior economist at Rics, warned that: "The continuing rise in longer term borrowing costs means that fixed rate mortgage deals are becoming increasingly costly and this will start to have a more material impact on borrowers as we move into the winter.

"Even so, the strength of the employment picture will remain a key support for the housing market," he added, however.