The rise in property values for the East of England are leading the market with new-build homes seeing a 32% price increase in the last year.
After years of falling rates the 10-year fixed rate mortgage costs are beginning to rise according to research from Moneyfacts.
The cost of a mortgage as a proportion of household income has reached an historic low although there is no increase in house purchase activity.
The latest index from the Nationwide shows no change in house prices as demand remains subdued as a home purchase is less affordable.
CBI business leaders have urged the government to tackle the housing crisis to meet their target of a million new homes by 2020.
The government has closed the Help to Buy mortgage guarantee scheme that has helped 86,341 first timer buyers on to the housing market.
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