Mr Johnson urged people to consider whether now is a good time to take out a mortgage.
He added: “Buyers need to ensure not just that they can afford monthly mortgage payments and the associated bills, but that it is genuinely the best time for them to buy and not speculate on the property market.
“Interest rates look set to continue to rise, so fixed rates with payment security will prevent those with mortgages suffering the impact of further fluctuations.
“The property market still hasn’t seen a major slowdown, with demand still outstripping supply, but if interest rates and mortgage companies’ affordability requirements continue to increase we will ultimately see a fall in property prices.”
