House prices in UK rose by 0.7% in the month of March, according to the Nationwide Building Society. The March figures from Nationwide showed that the average property price in UK was reported at £164519.

Nationwide said that the increased house price in the month of March was mainly attributable to the lack of supply, the fall in sterling, and the recent recovery in the financial sector.

Nationwide Building Society released its figures of house prices for the month of March as well for the quarter today. According to Nationwide's latest quarterly house prices index, the house prices for the quarter ended March were reported up by 1.6%, while in the previous quarter ended December 2009, the house prices were reported up by 1.8%.

Nationwide also said that the north-west region was the only region in UK where the house prices declined in the quarter ended March. The house prices in north-west region were reported down by 0.4% to an average of £136208. Nationwide said that Greater London remained the most expensive area in UK. The house prices were reported up by 2.5% in Greater London in the last quarter. The house prices in Greater London were reported to at an average of £280791.