The monthly cost of owning a home is once again much cheaper than renting, as lower mortgage rates tip the balance further in favour of first-time buyers.

For example, in the North East and Yorkshire & Humber, prices are up 2 per cent over the last year.

However, house prices are posting small falls in East Anglia and South East England, where prices are down 0.3 per cent and 0.1 per cent respectively over the past 12 months.