House prices could rise by 8pc in 2014

The online property portal predicted that prices could rise by as much as 8% next year as supply issues continue to fuel price increases.

Rightmove said the market needs to redress 2013's imbalance of a 2% rise in new listings against a 13% increase in transactions.

It also noted that the time-lag between transaction growth and new listing growth has led to a further squeeze on property supply.

But Rightmove director Miles Shipside said that he does not see a housing bubble forming in London due to the Help to Buy scheme.

He said: "Agents report low take-up of phase two of Help to Buy in London and the South East as mortgage repayments for many properties are not affordable for buyers with only a 5% deposit.

"It seems to be helping those it was targeted at and those expecting a Help to Buy London bubble have got it very wrong."