Latest news: House prices jump but Nationwide urges caution

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The latest figures also show that the annual rate of price slowed from 15% to 11%, its weakest level since last August.

But although the average house price rose 1.2% this month, Nationwide said that the boost could be due to the lack of new properties coming onto the market.

Martin Gahbauer, Nationwide's chief economist, said: "Although the short-term trend in house prices has clearly improved from where it was at the beginning of the year, it is still too early to say that the market is turning definitively.

In the current downturn, the combination of rapidly rising unemployment and tight access to credit implies that the last of the price declines has probably not been seen yet."

Estate agents have reported that record-low interest rates are leading to new interest from buyers, but figures from the Bank of England showed that the country's six biggest banks scaled back lending to home owners last month.