By Daniel Hunter

Figures released by the Nationwide today (Thursday) revealed that UK house prices were up 0.8% in March.

The building society said it was the first annual increase since February 2012. Prices were unchanged in March compared with the previous month.

The average UK home is now worth £164,630, the survey found.

"In recent months, buyer demand has been supported by healthy rates of employment growth, as well as the Funding for Lending Scheme, which has helped to reduce mortgage costs and increase credit availability. At the same time, housing supply has remained relatively constrained," said Robert Gardner, Nationwide's chief economist.

"The outlook for the housing market is unusually uncertain at present, in part because the prospects for the wider economy are unclear, but also as the impact of a number of policy initiatives is hard to gauge."

Join us on
Follow @freshbusiness