The latest house price survey by the Halifax building society shows double digit increases in the year to the end of March.

The South West and East Anglia fared best in the latest poll, with increases of 21.9 per cent and 20.8 per cent respectively.

Although all areas of England and Wales saw increases of at least 10 per cent, in Scotland prices rose by 8.3 per cent, while prices fell by 2.7 per cent in Northern Ireland.

Greater London remains the most expensive place to buy housing - where the average cost of a semi-detached house is £237,750.

The same house would be cheapest in Dyfed at an average price of £53,750.

The first three months of 2002 remained positive, with an average house price increase in the UK of 4.9 per cent.

However, there were only modest increases of 1.6 per cent and 1.9 per cent in Greater London and the South East, the smallest quarterly increase since 2000, heightening fears of economic slowdown.

Halifax group economist, Martin Ellis, predicted that the housing market will begin to slow.

"The south of England is expected to bear the brunt of the expected easing in UK house price growth later this year as more and more potential first-time buyers are priced out of the market, therefore blunting housing demand in this part of the country," he said.

"We expect higher unemployment and slower income growth to weaken consumer confidence over the coming months. This, together with a modest rise in interest rates and the increasing pricing out of the market of first-time buyers should take the heat out of the housing market."

The rate of house price increases for 2002 is currently estimated at seven per cent, compared to the average 12 per cent last year.