UK house prices rose faster than expected in March, hitting their fastest rate in 18 years.

According to Nationwide, house prices grew by 14.3%, up from 12.6% in February.

The growth rate surpassed the 13.5% forecast by economists polled by Reuters.

“The acceleration in house price growth will add to concerns that the pandemic housing market boom is getting out of hand,” said Andrew Wishart, senior property economist at Capital Economics.