UK house prices rose by 0.2% during July, according to the Nationwide Building Society.

This meant prices were 0.4% below the level prevailing in the same month of 2010.

At 0.3%, the three month on three month measure of house prices was little changed from the 0.4% rate of increase recorded in June.

Robert Gardner, Nationwide’s chief economist, said: “Stability has been the watchword for the UK housing market over the past 12 months. Sluggish demand for homes