House prices: What does current housing market mean for you?

Mr Donnell said: “Higher mortgage rates will be an issue if you are coming to the end of your initial term for your fixed rate.

“It pays to shop around and look for the best mortgage from different lenders. But keep in mind that lenders always look to offer their current customers some of the best deals.

“It’s probably unrealistic to expect a fall back to the low mortgage rates we’ve seen in the last few years. But even with the recent increases, borrowing costs are low by historic standards.”

What does the current housing market mean for sellers?

Again, slow price growth rates might also be a worry for Britons hoping to sell up this year.

Mr Donnell said: “Lots of people worry about timing their move with market trends but this is rarely a successful approach. It’s all about whether it’s the right time for you and your family.

“Beyond that, it’s about getting the best advice to make your move successful.”

In this respect, it’s crucial to speak to estate agents ahead of time in order to plan accordingly.

They can offer advice to improve your property value as well as give up to date guidance on market trends.

Mr Donnell said: “Don’t wait until you’re ready to put your home on the market or have found your next home.”

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