RICS

A sub-index tracking expectations for house prices rose.

But, demand appears to be waning, with an index tracking new buyer enquiries falling to just plus seven.

Supply is awful, the index tracking new sales instructions was zero, but to show how bad this side of the housing market is, that reading was, in fact, the highest in ten months.

But the real point is that stock levels, that’s the volume of houses for sale as a proportion to demand, is near an all-time low.

Hansen Lu, Property Economist at Capital Economics, said: "A shortage of homes for sale, improving confidence and a surprisingly positive economic backdrop might normally suggest that house price growth will accelerate. But those forces will struggle against already very high house prices. On balance, we think this means house price growth will cool further over the course of 2017.”