The year is commencing with significant optimism, as prices have risen 0.3% across England and Wales in the last month; the highest rise observed for January since the onset of the financial crisis.

Housing activity has been unseasonably buoyant, according to the latest Home.co.uk Asking Price Index. Greater London house prices have jumped 0.9% since December, meaning the average property price in this area has increased by around £15,000.

This is primarily due to low housing stock, with just over 386,000 properties are currently on the market; 47% less than in 2008.   

Price rises have been recorded by the index in every location beside the East, Scotland, Wales and Yorkshire in the last month.

The UK’s supply-demand crisis has meant that properties are also spending less time on the market. The average time recorded was 117 days, nine days less than a year ago; which only looks to become shorter across 2016.