House prices show a surprise rise of 0.3%

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Nationwide's house price index recorded only its second monthly gain since May last year, leaving the average home costing £161,183.

Bank of England mortgage figures for January also showed a bounceback in lending from a snow-hit December.

But in addition, the Bank's figures showed £333 million in consumer credit paid back during January - the biggest amount since October 2009 - as pressure on households grows from high inflation and stagnant wages.

Revised growth figures last week revealed the first fall in household spending for more than a year in the final three months of 2010.

Nationwide was also quick to snuff out any optimism inspired by the figures, stressing prices had remained virtually flat during the past three months.

It expects prices to move "sideways or modestly lower" this year in a standoff between sellers reluctant to drop prices while economic worries keep buyers on the sidelines.

Nationwide chief economist Robert Gardner said there were few signs of a glut of unsold homes building up on the market.

"The overall picture is still one of a market treading water," he said.