[LONDON] UK house price growth eased in January, according to an index by the Royal Institution of Chartered Surveyors (RICS), which said in a statement that a shortage of properties for sale will continue to support values.

A gauge declined to 53 from 56 the previous month, RICS said in a statement in London yesterday, citing a survey of property surveyors. The median estimate in a Bloomberg News survey of 20 economists was for an increase to 58. A measure of the number of properties for sale fell to the lowest since July 2012.

An improvement in credit conditions along with the lack of homes for sale has underpinned prices over the past year, raising concerns about the sustainability of the market. Bank of England (BOE) chief economist Spencer Dale said on BBC radio yesterday while he doesn't think the UK is heading towards a housing bubble, officials will watch developments "very carefully".