House prices increased by 0.5% in March, according to the latest house price index from the Nationwide Building Society.

Prices are now 0.1% higher than one year ago. Prices have now increased, albeit modestly, in three of the past four months.

On the three month on three month measure, which the Nationwide says is a better indicator, prices rose by 0.6%.

The average house price is now £164,751.

Robert Gardner, Nationwide’s chief economist, said: “The outlook remains uncertain