The price of an average house in the UK has risen by 4.2 percent in the year to March 2018 and now stands at £224,144 reports the Office for National Statistics (ONS).
The average house price did though decrease slightly on the month from £224,642 in February.
Broken down into the countries of the UK:
England – prices rose by 4% in the year to march 2018 where the average price is now £241,000.
Wales – prices increased by 3.5% and the price of an average house now stands at £153,000.
Scotland – prices rose by 6.7% to £146,000.
Northern Ireland – prices went up by 4.2% to £130,000.
In England London led the way with the highest house prices at £472,000, then comes the South East with £321,000, then the East of England with £291,000 and the lowest was the North East with average prices at £124,000.
Thomas Fisher, economist at PwC, said:
“Today’s release from the ONS and Land Registry shows that UK house price growth continued to falter in March, while London house price inflation remained negative with the weakest growth rate since 2009.
"While house price inflation of 4.2% in the year to March 2018 is the same as the growth in house prices in the year to February, the shorter-term month-on-month price changes point towards weakness in the market. Across England, house prices in all but one region, the East of England, fell between February and March. For the UK as a whole, average house prices fell 0.2% from the month before.
"For London, annual house price inflation turned negative at -0.7%, the weakest growth rate since September 2009 in the aftermath of the financial crisis. The London housing market has been weakening ever since the Brexit vote in mid-2016 and this shows no signs of letting up yet.
"The growing consistency of house price weakening across regions means that risks are weighted to the downside for the remainder of 2018. We anticipate that UK average annual house price growth in 2018 is likely to slow to less than 4%."