The price of a typical UK property rose by a seasonally adjusted 0.7% month-on-month in March, largely reversing the 0.8% month-on-month fall measured in February, according to latest figures from the Nationwide Building Society.

The supposedly smoother three month on three month rate of inflation edged down further from 1.8% in February to 1.6% in March. At £164,519, the average price of a typical property is 9.0% higher than a year earlier. It was £161,320 in February.

Martin Gahbauer, Nationwide’s chief economist, said: “The last two months are consistent with a relatively flat profile for house prices