The current house prices has already helped push up the house prices to a record high.
Prices rose by 8.5 per cent last year to £252,000 on average, the highest annual growth rate since October 2014, according to the Office for National Statistics. An extension is likely to push them higher still. House prices could rise rise by five per cent this year, the Office for Budget Responsibility predicts. That marks a huge turnaround from its November forecast of a 3.5 percent fall.