House prices are set to rocket over the next four years as the UK economy enjoys a Brexit bounce, according to new figures.
Confidence in the property market is expected to be strong as values rise by an average of £52,000 - almost a quarter - by 2021. A combination of a shortage of housing, better mortgage deals and the low value of sterling will fuel the increase, say experts.
The average cost of a home by the end of 2017 is expected to be £220,000, marking a £9,000 increase compared with 2016, according to the Centre for Economics and Business Research.
By 2021 the same property is estimated to be worth around £272,000, a rise of 23.6 per cent. Estate agents also predict rises and say the property market "seems to be Brexit-proof". Economist and main author of the report, Kay Daniel Neufeld, said: "Already towards the end of 2016 indicators pointed to a stabilisation in the housing market, a trend that has continued in the first months of 2017.