Growing concerns that house prices are nearing unsustainable levels have been rubbished by RBS senior economist Stuart Porteous.
Porteous' claims go against those made by several fund managers and analysts, who expect to see a dramatic crash in the housing market in the next two years.
Before we witness a dramatic decline in the UK property market, Porteous told the summit that interest rates would have to rise sharply and unemployment would have to rocket.
Both of these are tipped to occur but Porteous does not believe they will be to the extent that it would have a significant knock-on effect on the housing market.
Porteous acknowledges that first-time buyers are struggling to put together large deposits, which may be contributing to the gradual slowdown in the market.
He said the margin between those renting and property owners is vast and will take years to close up.
On the conflicting opinions between the mortgage industry and the City about the prospects for the market, Porteous said: “Some people in two years time will be eating their hats.”