UK house prices are now at record levels once again, as the average price has now been pushed to more than £296,500, according to property website Rightmove. Demand, accompanied by a shortage of new property listings continues to cause upward pressure to be placed on prices. The latest record average price is more than 5.5% higher than October of last year and 0.6% higher than the usual listed price within the month of September.

Demand for first time buyer properties is maintaining its fever, as prices have increased almost 5% compared with last month. Average prices for first time properties have risen almost 10% over the course of the last twelve months.

Rightmove commented on the number of first time properties coming to market and the current state of supply, saying: "The number of first-time-buyer properties (two bedrooms or fewer) coming to market is down by 8% on the same period a year ago".

In London the aftershock of stamp duty from George Osborne is starting to make itself known. Areas known for higher average property prices are seeing the erosion of value as the effect of higher taxes begins to set it. The imposed tax reforms mean the majority of property owners are paying less in taxes, whilst house owners of property costing more than £937,500 are now paying more.

First time house buyers are still struggling to compile enough of a deposit to purchase a home and obtain a rung on the property ladder. Whilst many house owners are discovering multiple benefits as they choose to remortgage before the rise in interest rates takes place.