The Office of National Statistics (ONS) has confirmed that the average house prices will bring higher stamp duty to thousands.

The rate of house building has boosted UK construction but will still be short of the 240,000 homes needed each year.

According to economic forecasters wealthy foreign buyers are responsible for the high demand for luxury property in London.

Rightmove, stated that record numbers of houses are being put on the market for sale with near-frenzied buying sending asking prices to record levels.

House prices rise 8.8% according to the Nationwide as first time buyers are back in the market for properties.

There is growing concern that increased financial stability in the UK will lead to mortgage rate rises.

Mark Carney, the Governor the Bank of England played down a possible housing bubble.

The Office for National Statistics stated that the London property market had seen price rises of 11.6% in November 2013.

The mortgage industry expects to see further demand for mortgages among consumers in 2014 and that demand remains healthy rather than excessive.

UK house prices rose in 2013 fuelled by first time buyer demand, say Nationwide, raising the average house price to £176,500.

Property prices in London have increased by 10.6% in the last year significantly above other regions in the UK.

The Bank of England has warned homeowners could be hit hard as interest rates increase mortgage repayments.

Halifax is predicting another year of growth in 2014 but there is no evidence this will lead to a housing bubble.

The construction activity index rose more than expected helped by a surge in house building in the UK.

As fears of a house price bubble loom, Governor Mark Carney stops mortgage lending offered by the Funding for Lending scheme.

The number of loans approved by banks has reduced along with an unexpected fall in house prices for the month.

Soaring demand from homebuyers exceed the supply of properties is creating a housing crisis with rising prices.

Figures released by the Halifax show prices are up 6.9% annually but ONS data suggest this is slowing.

The Treasury Select Committee has asked the Bank of England to clarify its Help to Buy role as property prices rise.

The Council of Mortgage Lenders has warned the government’s Help to Buy scheme could become another US mortgage crisis.