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