According to a recent report conducted by Rightmove, both the annual rate of increase and the volume of property transactions are heading for their lowest level for ten years

Rightmove is anticipating a 0% year-on-year rate of increase by July with a slim chance of any movement upwards until buyer affordability improves through lower prices, rising wages, or falling interest rates.

Commercial director, Miles Shipside said: "Whilst house prices will soon be the same as a year ago, this will be of little comfort to cash strapped first time buyers or those struggling to move up the property ladder."

"Affordability should slowly improve as average wage rises outstrip house price inflation. In the longer term a return to gently rising prices will be important to encourage and help fund existing and prospective homeowners to move regularly, otherwise the stagnation of volumes is likely to continue for several years."