Rising interest rates & cost of living ‘yet to impact’ prime property buyer budgets

Strutt & Parker now expects PCL property prices to end this year 2-5% higher than they started it, having predicted 5-10% growth through 2022 just a few months ago.

"Underlying fundamentals suggest house prices are reasonably priced at current levels," says Neal Hudson, but "the fundamentals may be about to change – potentially quite quickly."

House price inflation is likely to "unwind" back to single figures across the UK, predicts Knight Frank, although Prime Central London is set for higher price growth as global travel resumes.