According to the latest figures released, the average housing prices have risen 0.8 per cent during the month of March compared to the same month of the previous year.

The data from a survey conducted by Nationwide showed that it is first year on year rise for the house prices in the UK since February of the previous year. The prices remained largely flat on the monthly basis at £164,630 on average in the UK but there were large variations recorded in different areas. The national survey showed that the house prices rise as much as 15 per cent in some parts of including the borough of Camden and in Cambridge. On the other hand, the prices fell 10 per cent in the cities of Liverpool and Carlisle in March compared to the same month of 2012.

Data showed that London recorded the highest average rise with prices rising 4.6 per cent to £306,919, which is higher than the high recorded in 2007. In Wales, the house prices increased 2.5 per cent to reach £132,971 in the month compared to March of 2012. Scotland was the worst performing region in the UK with prices falling 4.9 per cent to touch £128,594 on average in March.

Robert Gardner, Nationwide's chief economist said that, "the outlook for the housing market is unusually uncertain at present, in part because the prospects for the wider economy are unclear, but also as the impact of a number of policy initiatives is hard to gauge."