House prices rose by 1.1% in November compared with the previous month and up 7.7% annually, the Halifax has said.
The lender, now part of Lloyds Banking Group, said strong demand for homes combined with low levels of property on the market had pushed up prices.
It said that the average home in the UK was now valued at £174,910.
However, the Halifax said that the rate of house price growth would be "constrained" by squeezed household finances.
"We are also seeing signs of a revival in housebuilding, which should help bring supply and demand into better balance and curb upward pressure on prices over the medium and longer terms," said Martin Ellis, chief economist at the Halifax.
Lending refocus- Lets you see where you can afford to live - and if it would it be cheaper to rent or buy
- Enter how many bedrooms, which end of the market and how much you want to pay each month
- As you move the payment slider, parts of the UK light up to show you where you can afford
- Based on pricing and rental data from residential property analysts Hometrack
The month-on-month rise was the 10th successive monthly increase in prices, according to the Halifax's measure.
The three-month on three-month comparison, which represents a more accurate picture of the market as it excludes short-term fluctuations, showed that prices rose by 2.1% in the three months to the end of November compared with the previous quarter.
However, the Halifax said that the UK market had not returned to the levels seen during the housing boom. The average price was still 12% below the August 2007 peak, it said.
In an attempt to ensure that relatively cheap mortgages do not fuel an "overheated" market, the Bank of England is refocusing the Funding for Lending scheme (FLS) on business, not mortgage borrowers.
Under the scheme, banks and building societies were allowed to borrow money cheaply from the Bank of England, as long as they then loan that money on.
At the end of November, the Bank's governor Mark Carney, said that supporting mortgage lending was "no longer necessary".
An overheated housing market would be a risk to the economy, he said, adding that prices were rising in many regions.
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