THE value of the average property in the West Midlands has risen by 6.2 per cent during the past month, a survey has shown.

A shortage of sellers and increased demand from buyers pushed the average property asking price in the region up from £169,764 in January to £180,364 this month, according to property website Rightmove.

The monthly rise takes the annual rate of house price inflation in the West Mid-lands back up to 3.8 per cent.

Rightmove commercial director Miles Shipside said: "The market has picked up quickly this year.

"As a result, properties are selling more quickly and stock levels are declining."

The survey also showed that every region of England and Wales saw prices rise in February for the first time in 20 months. The most expensive were in Greater London.

where the average asking price was £295,685, compared with £146,376 in the North, which was the least expensive region.

Mr Shipside added: "Buyers are back, particularly at the lower end of the market.

"We believe this will lead to further sales as successful sellers move up the property ladder.

"However, sellers must not get too ambitious or the recovery could run out of steam as affordability is over-stretched again."