Nationwide Building Society said Tuesday that British house prices rose 0.9% in June, revealing sings of stabilization in the nation's beleaguered housing market. The average house price soared to 156,442 pounds in June compared to 154,016 pounds in May.

According to the Nationwide's chief, Martin Gahbauer though soaring house prices is very encouraging, yet many obstacles are still there blocking the way of sustainable price recovery.

Speaking on the topic, Martin Gahbauer said, "With the stock of property available for sale likely to eventually increase, house purchase demand will need to rise more convincingly from current levels to prevent a possible relapse in price levels."

Rising consumer confidence is also being taken as a sign of easing economy.

It is worth mentioning here that the Bank of England has kept the interest rate at a record low of 0.5 percent to boost the economic recovery.