The cost of a typical UK home rocketed by STG5,000 ($A10,801) in just one month to hit STG282,000 in July, official data has found.
The sharp rise represents the biggest monthly hike seen for a year, buoyed by a continued lack of housing supply and extremely cheap mortgage deals.
It is worth noting that prices have increased at a more moderate pace when viewed over 12 months, which is seen as a more reliable indicator of price trends.
Over this time scale prices jumped around STG10,000 or 5.2 per cent across the UK, according to the Office for National Statistics.
Looking at a nation by nation basis, prices in Northern Ireland saw the sharpest increase of 7.4 per cent to stand at STG154,000. English homes were up 5.6 per cent to STG295,000, while in Wales property prices were broadly flat (0.3 per cent) at STG173,000.
Scotland was the only nation to see prices fall, down 1.3 per cent to STG196,000.
The ONS also offered a regional breakdown for England. London was unsurprisingly the most expensive with house prices rising to an eye-watering STG525,000.
Interestingly, the annual percentage rise of 5.5 per cent is actually lower than in the east (8.3 per cent) and southeast (6.7 per cent), indicating the boom is by no means restricted to the capital.