(MENAFN- AFP) House prices increased by 8.4 percent in 2013 across Britain, the Nationwide building society said on Friday.
Despite the leap, prices remain five percent below the all time highs of late 2007, it added.
A brighter economic outlook and low mortgage rates coupled with a short supply of housing contributed to the surge, it said.
The housing market revival also seemed to be broad-based, with all regions reporting a price increase.
"Part of the reason for the acceleration in house price growth is that the supply side of the market has not kept pace with the upturn in demand, even though buyer numbers remain subdued by historic standards," Robert Gardner, Nationwide's chief economist, said.
London and the southeast maintained a stronger pace of growth, he said.
London registered a growth of 14.9 percent, while the figure was 1.9 percent for the north.
The price of a typical home in the capital city has reached £345,186.
London has the most expensive house prices in the country while Northern Ireland has the cheapest, according to Nationwide's figures.
Manchester was named by the study as the best performing area for house price rises in 2013, with prices there up by 21 percent.
Prime Minister David Cameron said on Thursday more than 6,000 people had put offers in on homes and applied for mortgages using the government's Help to Buy scheme.
The plan, designed to help first-time buyers, was launched in October 2012.
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