Average property prices are expected to rise by over £50,000 within the next five years, economists predict.

While the rate of house price growth is expected to slow over the next two years as Brexit negotiations take place, by the end of this year prices are still expected to be around £9,000 higher than in 2016.

The Centre for Economics and Business Research said the cost of a home in the UK will be roughly £220,000 by the end of the year and £272,000 by 2021.

The price hikes forecast come as the government crackdown on buy-to-let lenders continues apace, with curbs on tax relief kicking off today.

Price hikes: Average property prices are expected to rise by over £50,000 within the next five years

This year, property prices are expected to grow at a rate of 4.4 per cent, marking the slowest rate since 2013. Last year, a 7.5 per cent year-on-year increase was reported.

After this year, prices are forecast to rise by around 5 per cent a year, until 2019 when they will grow by 5.7 per cent a year.

By 2020 and 2021, house prices are expected to grow at an average annual rate of 6 per cent.

With 40 per cent of local councils not knowing how to meet housing demands over the next 10 years, the findings suggest a shortage of suitable housing stock will ensure prices keep going up.

At the high end of the market, sterling's depreciation since June's Brexit vote will lead to a 'pick-up in foreign demand' over the next few years, the Cebr claimed.

While house prices are expected to continue to rise, higher inflation is set to erode consumer spending power.

Kay Daniel Neufeld, a Cebr economist, said: 'Rising inflation and stagnating wage growth are expected to depress households' spending power in the coming months.

'The worsening financial situation of households could easily have a knock-on effect on consumer confidence, suppressing housing demand in 2017 and 2018.

'Government interventions in the buy-to-let sector further sap demand out of the market. Starting in April, private buy-to-let investors will no longer be able to fully deduct mortgage interest payments from their tax bills, leaving them with lower net profits.'

2017 shifts: The Centre for Economics and Business Research said the cost of a home in the UK will be roughly £220,000 by the end of the year

Shifting prices: Average annual price changes in the UK property sector since 2006

Changes in the buy-to-let sector could also leave landlords with 'substantially' lower profits than they enjoy now, the findings claim.

UK HOUSES PRICES 2016, £211,000 2017, £220,000 2018, £229,000 2019, £242,000 2020, £256,000 2021, £272,000 Source: Cebr

As part of its clampdown on buy-to-let lenders, from today the government is kicking off its phased withdrawal of higher-rate tax relief on buy-to-let mortgages.

This comes a year after the government imposed an additional 3 per cent stamp duty hike on buy-to-let and second homes.

Mr Neufeld said: 'Government interventions in the buy-to-let sector further sap demand out of the market.

'Starting in April, private buy-to-let investors will no longer be able to fully deduct mortgage interest payments from their tax bills, leaving them with lower net profits.'

Clampdown: Changes in the buy-to-let sector could also leave landlords with 'substantially' lower profits than they enjoy now

Last month, data from the Office for National Statistics revealed that house prices increased by 6.2 per cent in the year to January.

The average cost of a home in the UK was £218,000 in January, which is £13,000 higher than in January 2016.

On a regional basis, house prices in London are the most expensive in the country, with an average price tag of £491,000.