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