NAEA: Nationwide August house price figures

On the latest Nationwide figures, the National Association of Estate Agents President Gary Smith commented: "The latest statistics from Nationwide appear to confirm that the housing market has finally bottomed out and indications are that we are hopefully moving to a point where the gradual recovery in prices witnessed this year will be sustained.

"Whilst it is true that conditions in many areas across the country remain tough, we must now concentrate on how the Government and major lenders can build on this evidence of new consumer confidence to further consolidate what will no doubt be the lynch-pin of general recovery in the UK economy.

"As families now begin to perceive that with realistic prices, historically low interest rates together with the potential for capital growth, they will upgrade and move through the system bringing their own houses onto the market and boosting supply.

"However to ensure these aspirations are realised lenders have a huge role to play in the coming months and the NAEA intends to monitor the situation very closely to ensure they play it."