The value of an average property in the UK increased annually by 2.7% during March this year, according to new figures released by the Office for National Statistics (ONS).
Growth of 3% in England helped to bolster the overall national increase in house prices, with property values in London increasing the most, by 7.6% year-on-year. A typical home in the capital now stands at a massive £398,000.
Six out of nine English regions witnessed increases in house prices over the year to March 2013.
The typical purchase price paid by a first-time buyer increased by 1.3% over the same twelve month period, reaching an average of £175,000.
Existing homeowners paid 3.2% more on average for a home, at £270,000.
House prices have remained relatively flat over the past year, despite the occasional small fluctuation, as buyers remain cautious in the ongoing unsettled economic climate.
The ONS claimed UK house prices now stand at a similar level to that seen in mid-2008, although values remain below the peak recorded during January 2008.
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