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The organisation has revised its forecast down from 16% in May, believing that house prices will drop 1.3% in 2011 then gradually rise by 2.4% in 2012, 3.4% in 2013, 3.6% in 2014 and 4% in 2015.

Douglas McWilliams, chief executive of Cebr, said: "We do not expect a house price boom, but the housing shortage is likely to push prices gently upwards. Because we have revised down our forecast for economic growth from 2012 to 2015, we have also cut our forecast growth in house prices to 2015 from 15.8% to 14.0%."