The market is still vibrant according to Office of National Statistics (ONS) House Price Index

The latest ONS house price index has revealed that UK house prices increased by 11.7% in the year to August 2014, unchanged from the year to July 2014.

According to the report, house prices are increasing strongly across the UK, with prices in London again showing the highest growth. Excluding London and the South East, UK house prices increased by 7.8% in the 12 months to August 2014

The report went on to highlight that house price annual inflation was 12.2% in England, 4.7% in Wales, 6.7% in Scotland and 9.6% in Northern Ireland.

Annual house price increases in England were driven by an annual increase in London of 19.6% and to a lesser extent increases in the South East (12.3%) and the East (11.6%).

On a seasonally adjusted basis, average house prices increased by 0.6% between July and August 2014.

In August 2014, prices paid by first-time buyers were 12.9% higher on average than in August 2013. For owner-occupiers (existing owners), prices increased by 11.2% for the same period.