As has been revealed by a latest survey, the prices of residential properties across England and Wales manages to rise at the fastest pace in almost three long years in February.

Rightmove, the property website, on Monday shared that asking prices for English and Welsh houses rose by 3.2% on month-on-month basis during the month, a rise which has come after a 0.4% increase that was recorded for January.

For February, the average asking price recorded was about 229,398 Pounds, going up from January's asking price of 222,261 Pounds.

As has been confirmed by Rightmove, the rise seen in the four weeks up-to February 06 was the biggest surge in prices of homes since April of 2007.

"A price jump of over 3% is more comparable to the pre-credit crunch boom times. Sellers are setting their sights higher, and some agents are going along with them in order to win scarce instructions", said Miles Shipside, Commercial Director at Rightmove.

Rightmove, however, has been quick to warn that it seems like economic fundamentals will not be able to support further increases of this level.