Global consultancy Knight Frank recently revised its UK residential house price forecast upwards, with the firm saying the supply of houses coming onto the market is rebuilding more gradually than initially anticipated.
This insight resulted in Knight Frank predicting that price growth will end the year in high rather than mid-single digits.
Tom Bill, head of UK residential research at Knight Frank, said: “We still believe annual growth will return to single digits by the end of the year as supply builds and demand is put under pressure by rising mortgage rates and spiking inflation.