Mubasher: The UK House Price Index showed an increase of 10.2% over the year to March, from 9.2% in February, according to the Office for National Statistics (ONS).

House prices rose at the fastest annual rate last March in nearly 14 years since August 2007.

London remained the region with the lowest annual growth of 3.7% in March for the fourth consecutive month.

Yorkshire and The Humber meanwhile registered the highest annual house price growth of 14% in March, compared with 11% in February.

“Because of the impact of the coronavirus (COVID-19) pandemic on both the number and supply of housing transactions, we might see larger revisions to the published House Price Index (HPI) estimates than usual, particularly at the lower geographical levels where transaction volumes are smaller,” according to the ONS statement.