House prices increased by 0.5% in February, according to Nationwide.

While property prices rose during the month, the annual rate of inflation fell, down to 10.2%, which is the lowest level since June 2001.

The average price of a UK property is now £15,879, up by over £14,000 since February 2004. Nationwide thinks that the average property price will increase by 1% over the next six months.