The current rate of house price inflation is not a major concern for the Bank of England as a property recovery was expected.

Mortgage lender Nationwide released data showing house prices in the UK are 10.9% higher for the year the first double digit rise since April 2010.

House price surge is the biggest threat to UK financial stability according to the deputy Governor of the bank of England.

Property values in London are up by over 12% leading the UK which has seen mortgage lending 4% higher in March and 37% higher for the quarter.

Figures from the Office of National Statistics (ONS) show the price of homes for first time buyers have increased by 10.5% in the last year.

The Office for National Statistics (ONS) have reported UK house prices are up 9.1% in the last year to February 2014.

Mortgage debt in central London now exceeds that of Wales and the rest of the capital is now seeing faster house price rises.

According to the Halifax UK house prices have risen 8.7% in the last year but month on month fallen by 1.1% suggesting a slowdown.

House prices were up 6.8% in January since a year earlier after a lost decade of building leaves the UK with a significant shortfall in homes.

Warnings from the Bank of England that interest rates would rise six fold by 2017 means higher mortgage costs for almost three million households.

Almost half a million households in the UK struggle with negative equity with the greatest number in the regions rather than London.

Mortgage lender Halifax reports a 2.4% rise in house prices for February with pressure on the government to cancel Help to Buy scheme.