(Alliance News) - UK house prices increased year-on-year in March, swinging from a decrease in February, according to the official measure by the Office for National Statistics.

The ONS said the average UK house price rose 1.8% annually in March, swinging from a 0.2% decrease in February.

The average UK house price stood at GBP283,000 in March, the statistics agency said.

On Monday, data from online property portal Rightmove showed UK house prices hit a new record in May, with the number of sales up 17% on-year, as the momentum of the Spring selling season continued.

Rightmove's house price index showed the average price of property coming to the market for sale rose 0.8% in May to GBP375,131.

The online property portal said pent-up demand from would-be buyers who paused their plans last year is a key driver behind increased home-mover activity despite mortgage rates remaining elevated for longer than anticipated.

By Greg Rosenvinge, Alliance News senior reporter

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