Britain is Office for Nation Statistics earlier this week stated that house prices have risen by 10.5% in the past year
It expressed concern at what it describes as "runaway train" house prices
The average U.K. house was valued at $425,000 in 2013
Things get bleaker for house hunters wishing to buy in London
Prices in the capital have risen by 18% in a year to an average of $610,000
The Halifax report writes about possible long-term social problems arising from, "the division between homeowners and non- homeowners".
The report warned that if there are fewer fist-time buyers, "the market will come to a standstill". If this happens, prices will have to come down.