House prices to rise two per cent in 2017

Property website Rightmove has warned that prices for properties in the UK will rise by two per cent in 2017 - marking the seventh consecutive year of rising prices.

Despite an uncertain market, new asking prices are 3.4 per cent higher than in December 2015, with high demand expected to continue lifting prices.

Miles Shipside, Rightmove director, said: “There was a bout of jitters with the unexpected referendum result, albeit now seemingly short-lived, but more may arrive after article 50 is invoked.

“For the time being any nervousness is being overridden by high demand for the short supply of suitable homes for sale in the lower and middle market in many parts of the country.”

However, Rightmove has forecast a five per cent fall in London property asking prices. Using the example of Camden, where homes coming on to the market over the past month were typically 17.7 per cent cheaper than in December 2015, at an average of just under £1 million, the property experts believe the bubble will ‘continue to deflate’.