Property prices will rise by 25% over the next five years, the National Housing Federation has predicted.

Despite the global economic slowdown and the impact on the housing market in the UK, the social housing organisations predicted demand for housing would once again exceed supply once financial institutions are willing to lend money again.

"As soon as the economic outlook improves, house prices will resume their previous upward trajectory," said the Federation's chief executive David Orr.

If accurate, the news will be welcomed by property investors and those who bought a house when the market was at its peak.

Meanwhile, the Land Registry has revealed that house prices in England and Wales fell by 1% in June.

Prices have now slipped for 10 months in a row, taking the annual rise to just 0.1%.