London outperforms rest of the market

The average English or Welsh property increased in value by 0.1 per cent month-on-month.

That is according to Acadametrics, the firm behind the Financial Times House Price Index, which said that the average property price in the month was £229,625.

Annual inflation hit 6.5 per cent, spelling good news for those with first time buyer mortgages and other borrowers.

London saw the largest annual growth, with the average property in the capital gaining 14.5 per cent in value year-on-year.

Within the city, Kensington & Chelsea saw the largest growth (29.6 per cent), followed by the City of Westminster (25.7 per cent) and Hammersmith & Fulham (22.4 per cent).

Even London's worst performing boroughs outdid the rest of England and Wales.

Bexley recorded annual growth of 7.6 per cent, while Hillingdon prices increased by 8.5 per cent and Havering witnessed growth of 8.6 per cent.

Of all 33 London boroughs, only six saw prices increase by lessthan ten per cent, while seven witnessed growth of more than 20 per cent.

Halifax recently reported that house prices across the UK stabilised between December and January.

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