Private landlords will be among the property owners interested in the latest house price survey from Nationwide.

According to the building society, the average house in the UK cost £150,946 in March and this is the first increase in the price of the typical property since October 2007.

House prices rose 0.9 per cent on average during the course of the month, reducing the annual rate of fall from minus 17.6 per cent to minus 15.7 per cent.

However, private landlords and other property owners should not get carried away with the latest figures, states Nationwide's chief economist Fionnuala Earley.

"While the rise in prices in March is welcome, it is far too soon to see this as evidence that the trough of the market has been reached,"she explained.

It will take time for the Bank of England's economic improvement measures to filter through to the housing market, she added.

Property associations have attributed the recent increase in landlords in the UK to the fall in house prices over the last few years.

Written by Sarah Field
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