UK house prices are on a steady climb higher across the country with little resistance in sight. The average house price in the city of London has now surpassed the half million pound mark and sits at £531,000. This is an increase of more than 6% year on year which is a strong increase, but nothing like the increase of the year prior to that at 12%, according to the Office for National Statistics. The rise in house prices is a trend which is continuing in all parts of the UK, but at a different pace for each region.

The rise in house prices is expected to continue. It is outpacing the number of wage increases across the country and that places those who are looking to gain access to the property ladder at a disadvantage. Now, there are not only many properties which are simply not in reach for potential house buyers, but there are also too few in supply on the market as well.

Howard Archer of IHS Global Insight commented on the latest data concerning house prices and what can be expected in the near future, saying: "We expect house prices to rise by around six per cent to seven per cent in 2016.”

The high price of homes is making it harder than ever for young people to think about owning their own home. This, combined with the shortage of homes which is present in most regions, is painting a less than pretty picture for those looking to reach the first step of the property ladder.

By the year 2020, it is estimated that more than 325,000 households will be unable to find affordable housing due to high cost, according to the latest warning from Rightmove.