London property prices are up by 9.7% for the year to July after strong demand from overseas investors.
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To reduce the cost of repayment mortgages, first time buyers are opting for longer terms of up to 40 years.
There is concern that the proposed Help to Buy Scheme will cause the housing market to overheat.
Bank of England figures show mortgage approvals increased to 60,624 the highest level since March 2008.
Property prices are up by 3.5% according to Nationwide as mortgage lenders offer more competitive loans.
A year after interest only mortgages were criticised by the regulator two banks are plan a comeback.
The government claims the number of new homes built in England for the three months to June this year is 6% higher.
The Office for national Statistics (ONS) latest statistics shows that house prices are rising faster than inflation.
Loans to buy-to-let investors is 31% higher by value over the year reaching the highest level since 2008.
The Halifax house price index increase of 4.6% is the fastest rise in the last three years.