Nationwide: House prices unchanged

On a quarterly basis the Index paints a mixed picture of the market across the UK as 7 out of 13 regions reporting an annual price rise in the first quarter.

During the first quarter Northern Ireland was the best performing region as prices increased by 4.4%. Scotland recorded the biggest fall as prices dropped by 1.4%.

Annually London continues to be the best performing region as it recorded an increase of 4.6% with average price hitting a record high of £306,919.

Again Scotland propped up the foot of the table as prices dropped by 4.9% annually to £128,594.

Ben Thompson, managing director of the Legal & General Mortgage Club, said: “Whilst the figures seem to suggest that prices are improving compared to 2012 and this is encouraging, the main issue for the housing market is not one of price.

“Instead the major concern is the availability of housing stock in the wider market and continuing to make the mortgage finance available to service that demand.

“We have seen the announcement of several stimulus measures in the shape of FLS and ‘Help to Buy’ and they seem set to provide a positive impact as the year progresses.

“The hope is that we can get the supply to match this undoubted demand.”