Nationwide today said that average property prices increased in March by 0.9%, the first rise since October 20078.

However Fionnuala Earley, Nationwide's chief economist was quick to dampen any thoughts of a recovery, stating "it is far too soon to see this as evidence that the trough of the market has been reached" and that quantitative easing and low interest rates would take more time to filter through the economy and lead to a sustained recovery in the housing market.

This will still come as positive news to anyone who currently owns a house and has been watching their equity gradually drain away. Combined with news that buyer interest is up and mortgage loan approvals on the rise, it certainly paints a prettier picture than some of news over the past year.