ESTATE agents in Richmond upon Thames have voiced their scepticism at a new report predicting house prices in London will triple over the next 20 years.

The report, conducted by the Centre for Economic and Business Research, forecasts that the price of an average house will rise from £183,262 now to £595,164 in 2020, an annual gain of 6.76 per cent.

The average price for a house in Richmond is already well over that for the capital at £300,075.

The CEBR predicted the dramatic rise due to faster population growth than previously expected, along with doubts over the potential impact of planning reforms on the property market.

But the borough's estate agents have expressed doubt that prices will soar to such an extent, saying that while they expect prices to continue rising, anything could happen in the next 20 years.

Marcus Champion, from John D Wood in Richmond said: "I haven't had an opportunity to read the report, but I don't think we are looking at anything dramatic, prices will rise fairly steadily and normally.

"Prices are rising but at the moment it looks fairly stable. In certain areas like Teddington the prices have gone up considerably, but really it is much more of a stable growth. I can't really see them trebling in the near future, they will be no different from how they have been."

Kevin White, of Allen Briegel in Barnes believes that the prediction could come true if the market continues to grow at its current rate.

He said: "I think it is possible if you look at the way it has risen in the last three or four years. The situation is quite hard to predict but in the last ten years it has quadrupled. Anything could happen and something could go wrong to cause interest rates to fly up.

"In our area, Barnes, there are still a huge amount of people looking. At the moment, in the £300,000 to £400,000 price bracket there are 200 people looking for two bedroom cottages, so when a property comes on the market ten to 15 people look at it, ten want it, so the house goes for more than its asking price, which in turn affects the prices of houses in the road.

"I predict that if the market keeps on going this way, then prices could go through the roof."

Jordan Overton, Mann and Co on Hampton Hill also believes the forecast is possible, although the report does not reflect the differences in areas accurately enough. He said: "Yes, I think they will rise. In the four years I have been here some properties have increased 100 per cent.

"Places like Feltham and Hanworth, the more rundown areas, have lots of headroom to continue growing. With areas like Richmond, the bubble has to burst, when the wages of first time buyers stop being able to meet the prices."

Jeremy Harrison, of Milestone Residential in Twickenham said: "I don't know how reliable that report is, but it proves the old adage that you can't get a better investment than property.

"Prices are still rising, we have seen 15-16 per cent this year. There is such a shortage of property available and lots of people looking, which is pushing the prices up. Looking in the short term I can see prices rising for a while, but who knows what's going to happen in the long term."