It believes prices are continuing to rise at the high end of the market and purchasing high quality property remains a sound investment decision.

Simon Checkley, managing director of Private Finance, said: “In the last few weeks we have seen incidents of buyers willing to increase their bids for property at the upper end of the market, sometimes by as much as 18% in a single week. This is indicative of the active interest in this sector of the market, so it is essential that such buyers arrange their property finance before their offer is accepted, so that they can move quickly to secure their desired property.”

Private Finance suggests that clients look at the fundamental macroeconomics of the UK property market in assessing house price dynamics. It believes increasing demand from a growing population versus limited supply of housing stock – mean that house prices in general are likely to rise steadily in the long term.