UK house prices rose by most since 2022 in March, official data shows

LONDON (Reuters) -British house prices rose at their fastest pace since the end of 2022 in the 12 months to March, according to official data published on Wednesday.

Average house prices rose by an annual 6.4%, the fastest increase since December 2022 and up from a 5.5% increase in February, the Office for National Statistics said.

The expiry at the end of March of temporary tax incentives for buyers of less expensive homes as well as for first-time buyers encouraged potential purchasers to move ahead more quickly with their plans in the months leading up to the change.

Other, more forward-looking measures of the housing market have suggested a weakening of demand recently.

Private-sector rents across Britain in April were 7.4% higher than in the same month last year, slowing from March's 7.7% annual rise and the weakest increase in almost two years, the ONS said.

(Writing by William Schomberg)