Quick-off-the-mark, Nationwide report a rise of 0.3% in their house price index between January and February, leaving the February 2010 to February 2011 figure down just 0.1%. It's a market - according to the commentary - "treading water", waiting, effectively, for clarification from the wider economy/labour market. Interestingly, on the whole chicken-and-egg subject of whether the economy follows house prices or house prices follow the economy, Nationwide's Robert Gardner appears to have taken a stand: "Given that the recovery hit a soft patch at the turn of the year and looks set to remain sluggish in the year ahead, the property market is likely to follow suit, with relatively low transaction levels and prices moving sideways or modestly lower through 2011." A few years ago, it seems, there was more debate.

Also intereest, Nationwide admits it's "revised" some of its index figures published between October 2010 and January 2011, although only by a small amount... enough, however, to have created some confusion. According to the survey, prices rose between January and February by 0.3%, however the average prices of a property fell, from £161,211 to £161,183. See below:

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