The Office for National Statistics (ONS) have reported UK house prices are up 9.1% in the last year to February 2014.
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.
Mortgage lender Halifax reports a 2.4% rise in house prices for February with pressure on the government to cancel Help to Buy scheme.
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.
The Office for National Statistics stated that the London property market had seen price rises of 11.6% in November 2013.
UK house prices rose in 2013 fuelled by first time buyer demand, say Nationwide, raising the average house price to £176,500.
Property prices in London have increased by 10.6% in the last year significantly above other regions in the UK.
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