The average house price in the UK has gone up to £175,546.
The figure represents a leap of 7.3% when compared to the same period last year, according to the UK’s largest mortgage lender, Halifax.
Prices are still 12% below the peak of £199,612 in August 2007.
Observers are divided in believing a house price bubble could result, but it is clear that the lack of sufficient housing stock is continuing to push up prices.
This week George Osborne warned demand for houses will continue to outstrip supply for another decade despite changes in the planning system and a return to construction.
Presently, the cost of buying in London is 3.5 times higher than the average house price in Northern Ireland.
Halifax said 2013 saw the sale of more than one million houses. This is the first time this many have sold since 2007, just as the impact of the financial meltdown began.
Sales have risen now for nine consecutive months. December’s figure of 103,040 is 35% more than in December 2012.
