Brokers will have another four years or more to wait for the housing market to reach “a new normal” while levels of lending and home building may take until 2020 to recover, Legal & General has predicted.

The study, carried out by Cebr, estimated by 2017 the average UK house price would be £254,000, or 11.9% higher than the Q3 2007 peak of £227,000 and 17% higher than 2012.

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