The pace of rises also increased, while over 25 per cent of chartered surveyors reported a rise in house prices, up from 24.8 per cent in February.
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The study also indicated a drop in new buyer enquiries, while new instructions to sell property rose for the first time in nine months. It also revealed that the stock of unsold property had fallen to the lowest level since June 2004.
Northern Ireland and Scotland recorded the strongest house price growth, with price rises slowing in the North and East Anglia, RICS reported.
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Jeremy Leaf, spokesman for RICS, said: “The market has absorbed the initial rate barrage, but history tells us that further rises could knock confidence later in 2007. Prices are unlikely to fall in the short term while the economic outlook is robust.”
Mike Pendergast, IFA at Zen Financial Services, said: “House prices are steadily rising, but there is no real effect as there is more supply than demand. This might encourage the Bank to increase the Base Rate further.”
