UK house prices have seen a 0.1 per cent rise this month, which is the lowest increase ever recorded for March, it has been suggested by Rightmove.

Stuart Law, chief executive of Assetz, observed that the property market has been stuck in a "confused three months" since the heavy snow and the stamp duty holiday.

He said: "The UK housing market was growing at 11 per cent per year until the end of last year and we did not think it could carry on at that rate. It is slowing down a bit as expected."

A Rightmove report published this week found that the average asking price rose by 3.7 per cent (£8,151) in the first quarter of 2010 despite the snowy weather's effect on business.

Martin Gahbauer, Nationwide's chief economist, stated that house value fell by one per cent month-on-month in February, which put an end to a string of nine consecutive monthly increases.

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Written by Emily Sanders