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House prices rose 0.9% in June, according to Nationwide. The building society also reported the first positive three-month rate of change since December 2007. However, prices are still 9.3% lower than a year ago, with the average house now worth 拢156,442.

Nationwide chief economist Martin Gahbauer said that it was the first time for months that the year-on-year fall had been in single digits.

He added that economists might have to revise forecasts: 鈥淚f the pattern of price movements seen in the first half of the year is repeated over the second half, then prices could show only a small single-digit fall for 2009 as a whole.鈥�

This would represent a stark shift from trends seen at the turn of the year, when most indicators were pointing to a repeat of the large declines seen in 2008.

Gahbauer said that sales volumes were still historically low, making the price improvement remarkable. 鈥淲hat is unusual about the recent trend reversal鈥� is that it has taken place against a background of transactions activity that is still very low by historical standards,鈥� he said

Although it has risen from the all-time record low reached in November 2008, the industry-wide number of mortgages approved for house purchases is still 55% below its long-run average and 33% below the trough reached in the 1990s downturn. Normally, such a low level of house purchases would be associated with falling house prices.

Gahbauer added that Nationwide had seen a relentless drop in the number of properties available for sale, constraining supply.