House prices rose by one per cent in April, according to the latest Nationwide House Price Index.

The measure recorded the average home value as £167,802 for the month, which is 10.5 per cent higher than the mean reported at the same point of 2009.

It is the first time for almost three years that the annual growth rate has been in double figures and the average is now within ten per cent of the peak price reached in October 2007.

Putting the statistics in context, Nationwide's chief economist Martin Gahbauer remarked: "Over the lifetime of the last parliament (May 2005 to April 2010), house prices have risen by 6.7 per cent.

"This compares to a 13.5 per cent increase in the consumer price index."

The Halifax House Price Index has also reported increases recently. In March, it indicated a 1.1 per cent rise in the average home value to £168,521.

Written by Paul Governor

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