The Office of National Statistics (ONS) reveal that London house prices leads the UK property market to record highs in July.
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Leading mortgage lender the Halifax has released data showing house prices have increased by the biggest annual amount since September 2007.
The average price of property in London has increased by 19% and England and Wales increasing by over 9% in the last year.
The Council of Mortgage Lenders has warned of an interest rate rise from the Bank of England is more likely increasing costs to homeowners.
Demand for new-build homes is driving a boom in house building with construction growing for the fifteenth consecutive month.
The Governor of the Bank of England, Mark Carney, says interest rates must rise to avoid a housing bubble developing.
Figures released from the Bank of England show the number of mortgage approvals has increased in June.
Data from the Land Registry show a decrease in prices in seven out of ten areas with a sharp rise in sales of £1m properties.
Office of National Statistics (ONS) data shows house price inflation reached 10.5% in May the highest level for four years.
New data from the Nationwide reveal London homes increased in value with average prices now over £400,000 for the first time.