Figures released this month show that house prices jumped by another £18,771 on average in just one year to October, now hitting a record high of £205,240.

Year-on-year growth stands at 9.7 per cent in October, an increase from 8.6 per cent the month before, according to the latest Halifax house prices index. This is the largest annual increase in UK property prices since August last year.

These price increases are being fuelled by the low housing stock and the lack of new sale instructions coming to the market. When you add to this decreasing unemployment, an improving economy, low mortgage interest rates and an increasing supply of low deposit mortgages many believe the trend is set to continue. Halifax’s survey showed that 68% of people expected prices to continue to rise over the next 12 months whilst only 5% believed they will decrease.