HOUSE prices have remained high in recent months, despite slowing off from last year.

According to the ONS, UK average house prices increased by 12.4% over the year to April 2022, up from 9.7% in March 2022.

Property prices surged last year due to coronavirus, a lack of homes on the market driving demand up and the end to the stamp duty holiday.

But what does the future of the housing market hold in store?

We spoke to two property experts to see their predictions on what will happen later this year:

Are prices likely to fall off in 2022?

Karen Note, mortgage expert at wealth management company Quilter, said further interest rate increases this year could see house price rises decrease.

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She said: "The housing market is already showing signs of a slowdown and how well it can weather further rate rises, alongside raging inflation, is yet to be seen but the prognosis is not good.

"However, at present there continues to be very little stock on the market, which will keep prices high."

Karen said because there had been such a long period of ultra-low interest rates, this could lead to more properties coming onto the market.

"That could mean we see house prices at the very least stall if not cool down," she said.

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"Once again, the biggest losers are first time buyers.

"They face a steep uphill battle to get on the housing ladder having to contend with rising interest rates, which make mortgages less affordable, inflation eating away at their deposits and the rest of the cost-of-living pressures."

Meanwhile, Nick Mendes, a mortgage technical manager at John Charcol, echoed Karen's comments.

He cited a report by Capital Economics, which forecasts prices will fall marginally in 2023 and 2024 due to the higher interest rates.

Nick said: "Homeowners have experienced unprecedented times recently.

"The ongoing conflict in Ukraine, rate rises, and increased costs of living – are bound to have an impact on future property market values.

"I am expecting a slowdown in the rate of property increases, at the year ending with a year-on-year property increase closer to 3%."

The ONS released figures in May showing inflation was at its highest rate in 40 years.

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The Bank of England has also warned inflation might reach 10% within months.

This is due to the price of fuel and food putting pressure on households budgets.

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