House prices up 5.3pc
From January alone prices saw a growth of 0.7%.
David Brown, commercial director of LSL Property Services, said: “The property recovery is rapidly gaining altitude, an acceleration that’s gradually lifting every corner of the UK. Most importantly, it’s not just prices that are rising, but the number of people moving home too.
“This momentum is entirely sustainable, although the next stage in this extraordinary take-off will be a rekindling of the construction industry. Already, there are strong flickers of life from housebuilders, and these seem set to ignite fully.
“Progress for those at the bottom of the ladder will depend on first-time mortgages remaining accessible, coupled with even more investment from landlords in a growing private rented sector.”
Average house prices in England and Wales now stand at £170,000 compared to the peak of £181,658 in November 2007.
London saw the fastest yearly rise of any region in England and Wales as prices increased by 13.8%.