Recent figures collected from around the country by Nationwide show that British house prices are now much higher than what they were nearly a year ago. This is the first recorded rise in prices of houses in the UK in 19 whole months.

Although the rise has been slow and steady, it has definitely helped. Monthly figures revealed have shown 0.4% rise in house rates for the month of October, and 0.9% and 1.4% rise in the months of September and August, respectively.

Martin Gahbauer, chief economist at Nationwide, said, "Although too early to tell, this may reflect a more natural level of stock available for sale coming to the market, alleviating some of the extreme shortages of property on the market seen during most of this year".

While the average house price still stands at 162,038, 13% lower than the price of ?186,044 recorded in October 2007, when the prices were at their peak, it is still being taken as a positive sign by analysts and economists, another proof of the fact that the British economy is slowly pulling out of recession.