Six months ago, it had forecast growth in 2022 of 3.2pc. This would have meant a cash increase in 2022 of £8,800. Now, it expects homeowners will make 130pc more from their properties than previously suggested.

This forecast is in stark contrast with the consensus from analysts, who expect the market will slow significantly this year. Mortgage lender Halifax has forecast that growth will slow to just 1pc in 2022.

Property values have been underpinned by an extreme imbalance between supply and demand. The market boomed after lockdown and the stamp duty holiday introduced in 2020 and demand has remained strong since.

But the boom will stop in 2023 as rising interest rates and falling real incomes bite.

The OBR has forecast that real disposable incomes per person will fall by 2.2pc in the coming tax year. This will be the largest drop in a single financial year since records began in 1956-57.

The Bank Rate will also rise to a peak of 1.9pc in late 2023. This will increase mortgage costs just as homebuyers have less capacity to save for a deposit.

House price growth will slow dramatically to around 1pc by the end of 2023, the OBR said. The average growth rate across next year will be 1.3pc.

However, this was still an upgrade from the forecast the OBR made in October, when it expected house price growth in 2023 to average 0.9pc.

But the longer-term outlook for the property market has become more sluggish. In 2024 and 2025, the OBR revised its forecasts to 1.5pc and 2.5pc growth, down from 1.9pc and 2.9pc respectively.