The Office for National Statistics (ONS) has stated that in December house prices rose by 0.4% on the previous month.

There has been an annual price rise of 5.2%, which makes the average property in the UK valued at £226,756.

In England, the December data shows on average, house prices have risen by 0.4% since November 2017. The annual price rise of 5% takes the average property value to £243,582.

The South West experienced the greatest rise in average property price over the last 12 months, up by 7.5%; meanwhile, the North East experienced the greatest monthly price rise, up by 2.7%.

London saw the lowest annual price rise, up by 2.5% and the South East saw the most significant monthly price fall, down by 0.5%.

John Goodall, CEO of Landbay said: “Demand in the property market has been reinforced by a wave of first time buyers capitalising on November’s stamp duty reforms. The changes have made it easier for aspiring homeowners to afford a place of their own, but over the longer term will likely push up prices for starter homes.

“The housing crisis has long been linked to insufficient construction over the past decade, but macroeconomic factors are also starting to play a part. Wage growth has been slow going, while inflationary pressure is also hitting people’s pockets. Now more than ever, people are looking toward the private rental sector to support them while they save. Not only do we need to build more affordable homes for aspiring homeowners, but for the private rental sector as well.”