Average house prices in England and Wales grew 6.6% annually, up £17,963 since December 2014 to reach £292,077, according to the Your Move and Reeds Rains House Price Index.

But property values in Central London fell by 8.7% on average during 2015, dragged down by higher stamp duty charges. However, outside of the top five central London Boroughs, the rest of the capital experienced an 11% boost in house prices year-on-year.

The East Midlands jumped to second in regional rankings, driven by a 10.6% annual rise in Nottingham’s house prices, and sales for the month of December were the highest since 2006.

Richard Sexton, director at e.surv chartered surveyors, commented:“December marks the highest year-on-year house price growth for ten months. If the current speed of house price growth continues into 2016, the value of the average home may soon pass the £300,000 watermark, having reached £250,000 in December 2013. Property price rises have certainly left the recession in their wake, with house prices passing the £200,000 milestone only in October 2005.

“Luton has seen the largest increase of 18.5% year-on-year, with the average cost of a semi-detached home in the town increasing by approximately £40,000 since 2014.”