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Building society Nationwide is today reporting that the price of an average house surprisingly rose 0.9% in March compared with the previous month.

Prices went up for the first time since October 2007, reported the buidlng society, with an average home costing £150,946 compared to £147,746 in February.

The news comes just days after a reported 3% rise in the price of new homes.

There's been a surprise rise in the price of new homes  for the first time in nine months as fears grow about about decreasing stock levels and the rise in buyer interest.

The average price of a new home rose 2.8% in February 2009, up from £221,598 in January to £227,893 - the first monthly increase since May.