Surprise house price increase

According to the Nationwide the price of an average house rose 0.9% in March compared with the previous month.This means the first increase since October 2007, with an average home costing £150,946 compared to £147,746 in February.

Mortgage approvals have started to increase after reaching levels which were thought out of the
question two years ago. February saw the number of monthly approvals increase to 37,900, its
highest level since May 2008.

The report also puts some perspective on the previous price falls by stating that whilst the price of the average house has declined by 19% since the 2005 peak of the market, detached and semi-detached properties have fallen only by 16% and 18% respectively, and the price for flats has fallen by 22%.