Property prices rise largest in three years

Property prices in England and Wales rose by 0.3% in March, the biggest month-on-month increase since March 2010.

London drove the change, with price rises in the capital jumping by 0.7% between February and March, according to data from property analysis firm Hometrack.

Prices fell in the north east, the only region to experience a decline.

In year-on-year terms, house prices were flat, the first time they have not fallen since September 2010.

A 19% increase in demand – as measured by the number of potential buyers registering with estate agents – since January and a 13% increase in the number of homes for sale drove the price rises, Hometrack said.

Hometrack’s survey is based on responses from estate agents and surveyors.

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