This leaves property values back where they were same level in February 2011.

But according to Nationwide Building Society the flat market we have experienced for the past two years could be starting to gain some traction, thanks, in the main, to the Funding for Lending Scheme. 

Chief economist, Robert Gardner, said:

“While activity in the housing market remains subdued by historic standards, there have been tentative signs of a pick up in recent months. The Funding for Lending Scheme has achieved some success in bringing down mortgage rates, with encouraging signs of an improvement in credit availability.”

Nationwide reported that levels of owner occupation are still falling, continuing the downward trend which started in 2003, when 70.9% of property was owned by its occupiers, to stand at 65.3% today.

However, it points out that the aspiration to buy one’s own home remains undiminished.

The most recent English Housing Survey suggests that 20% of people in social housing and 59% of those in the private rental sector expect to be able to buy their own home in future. The same survey found that, on average, people expect that this will take longer. Just 22% of private renters expect to take their first steps into the housing market within two years, down from 29% in 2008.