House Prices Seasonally UP in Feb 2011

House prices were 0.3% higher for the second month since May last year the Nationwide has reported.

The property market continued to 'tread water', Nationwide said.

The Bank of England reported more mortgage approvals in January 2011 from December 2010, up from 42,719 to 45,723, though this is below the 6 month average of 46,686.

Nationwide saw little reason to be optimistic, saying it expected the housing market to be 'sluggish' during 2011.