House prices rise for fourth month in a row

On average, houses and flats changed hands for 1.9 percent more than a year ago and house prices are now back at their May 2003 level.

However, despite having risen 3.1 percent since their low of June 2013, house prices are still almost 20 percent down on their August 2008 peak, the CBS said.

Around one third of home-owners currently live in a property worth less than they paid for it.

Last month the number of homes changing hands rose nearly 33 percent to just under 14,000.