The OBR predict that house prices will increase by 3.4% during 2017. This would make the average home across England and Wales £236,890 by the end of the year, a rise in value of £7,789.
The value of properties across London, South East, South West and East of England are all expected to rise by more than £7,789. The average price of a home in London would rise by over £16,000.
Based on an average median household income of £26,400, this rise would be the equivalent of over 15 weeks of income.
Price growth of 3.4% exceeds the current level of growth being experienced in the North East. House prices here would increase in value by £4,300 with 3.4% house price growth.