House prices rose more than £1,500 a week during the past month, the fastest rate for nearly five years. The average cost in England and Wales soared 2.9 per centin four weeks to July 8, according to property website Rightmove.

It was the biggest monthly jump since the group launched the index in August 2001. It was also the biggest percentage rise since March 2004.

Annual house price inflation soared to 10.6 per cent, the first time annual growth has hit double digits for 16 months, and well up on the year on year growth rate of 6.4 per cent for the preceeding weeks.