House prices to inch up 2% next year, says Rightmove

House prices are to rise by 2% in 2017 while prices stabilised after June’s Brexit vote, according to property website Rightmove.

Sales agreed increased by 5.2% in November, compared to the same month last year.

In December, house prices were 2.1% lower than the previous month, at an average price of £299,159, but Rightmove expects a 2% rise in prices next year for the seventh consecutive year.

Asking prices rose in September, although monthly growth looks weak at 0.7%.

Miles Shipside, Rightmove director and analyst, 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.”

Theresa May, the Prime Minister, said she will will trigger Article 50 of the Lisbon treaty, which starts a two-year clock on divorce proceedings with the European Union, by the end of March 2017.

He added: “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.”

In inner London house prices are expected to rise 5% next year, while outer London is expected to nudge up 3%.

For Greater London, house prices were on the back foot by 4.3% in December and slipped 0.1% for the year, with an average asking price of £616,160.

In Camden, in north London house prices dropped 15.3% in December, compared to October, and 17.7% last year, with an average of just under £1m.

Across England and Wales the average asking price fell 2.1%, but rise 3.4% over the year.