It's the Nationwide index's second monthly rise, bringing the average house price up 0.9% and leaving it just 9.3% down on June 2008. At last, the keepers of the index risk a little bullishness.

House prices have risen in three of the last four months, suggesting that the improvement that began to show up in March represents more than just statistical noise.

However, wait - they say - and see what happens when more vendors appear, chucking their properties onto the market to time with what they see as an upturn. The current stabalisation of prices comes at a time of extremely constricted supply. Read the actual release here.

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