Early figures for January suggest that property is in high demand with sellers raising average asking prices by £4,000 since last month.Read the full story ›
A Lloyds Bank report found that people who were living in the first home they had ever bought and were trying to take their second step on the property ladder saw their equity position boosted by an influx of first-time buyers into the market in 2014.
Schemes such as Help to Buy helped to widen the availability of low deposit mortgages for people trying to take their first step on the property ladder, helping to unleash a flood of demand from first-time buyers into the market last year.
Lloyds estimates that potential "second steppers" are now sitting on £10,000 more equity in their home than they were a year ago, due to the increase in prices paid for first-time buyer homes.
On average, potential second steppers are now estimated to have £76,131-worth of equity sitting in their existing home, giving them a 25% deposit for their next property, for which they will typically pay £299,428.
A report has found that number of home owners moving house reached a seven-year high in 2014 as rising property values boosted the amount of cash they had sitting in their existing homes.
An estimated 365,400 people moved home last year with a mortgage across the UK, marking an 8% year-on-year increase and the highest figure seen since 2007, Lloyds Bank found. The report said that surging house prices last year boosted the equity position of many home owners, helping them to make the jump up the property ladder.
The average house in Scotland could sell for £31,000 less than current prices if the country votes Yes to independence, property pricing website Zoopla has suggested.
If large employers chose to relocate south of the border the increase in the number of available properties would dramatically rise leading to a drop in price, the website claimed.
House prices in Scotland have increased by 8.3% (£13,728) over the last two years with the average home now worth £177,599.
Uncertainties over tax, currency and interest rates following a Yes vote are also likely to impact on prices and mortgages could potentially be harder to obtain, Zoopla said.
A No vote would remove uncertainty from the market and allow the current recovery to continue, it suggests.
House sellers' asking prices fell steeply by 2.9% month-on-month to £262,401 typically in August as the mood of the market grows calmer in London in particular, website Rightmove has reported.
The dip as sellers adopt a "summer sales" attitude is the largest for the month of August that Rightmove has on its records, which go back more than a decade.
Asking prices in London saw the largest monthly drop across England and Wales, with average prices in the capital standing at £552,783, which is 5.9% lower than in July.
Despite the drop, asking prices in the capital are still 10.3% higher than they were a year ago. The North was the only region to see asking prices increase month-on-month, with a 0.5% uplift pushing them to £149,354 typically.
Housebuilding in Britain is increasing at the fastest rate in more than a decade amid soaring demand for property, according to a professional body. The Chartered Institute of Purchasing and Supply said that during the month of July the construction industry had one of its best performances since before the recession.
The Times reported that the institute said residential building rose at the fastest pace since November 2003 because of “favourable funding conditions and strong demand for new housing starts”.
The two million young Brits who cannot afford to move out of home have been dubbed the "Peter Pan generation who are being forced to be young forever."
ITV News reporter Charlotte Grant has this report:
Sarah Mann, 32, has a good job but was forced to move back into her parent's house in Croydon, south London, after splitting up with a partner.
She says her salary is not that of a six-figure banker's but is "better than the average wage," yet still she cannot afford to buy a property.
Speaking to ITV News, she said: "You just think, why do I work so hard, who do I do all those extra hours, if it means all I can do is find somewhere to put a roof over my head. What kind of quality of life is that?"
Two million adults in Britain are being forced to still "live like teenagers" because they cannot afford to move out of home, the head of housing charity Shelter said.
Roger Harding told ITV News the government needs to build more affordable housing to "give them some hope."
Young people need "bolder action" than the Government's flagship Help To Buy scheme if they are going to be financially independent enough to move out of their parents' home, a housing charity said.
Campbell Robb, chief executive of Shelter, said:
The 'clipped wing generation' are finding themselves with no choice but to remain living with mum and dad well into adulthood, as they struggle to find a home of their own...
Rather than pumping more money into schemes like Help to Buy, we need bolder action that will meet the demand for affordable homes and not inflate prices further.
From helping small local builders find the finance they need, to investing in a new generation of part rent, part buy homes, the solutions to our housing shortage are there for the taking.
Politicians of all parties must now put stable homes for the next generation at the top of the agenda.