NW house prices bounce with spring impetus, says Rightmove

House prices have hit the bottom and are starting to recover, according to the latest monthly index from online estate agents' portal Rightmove.

The average price in the North West in March 2009 was £156,584 compared to £152,626 in February.

The 2.6% monthly change still leaves the region at a -12.5% gap to the March 2008 average of £178,938. The website said agents nationwide had reported a price floor at 25% below peak prices.

The UK average price rose 0.9% month-on-month from £216,163 in February to £218,081 in March.

Rightmove said there was an 'encouraging spring impetus' although this was tempered by the low level of sellers and constrained mortgage market.

Just 79,000 sellers came to market in the month to 7 March compared to 182,000 in the same period last year.

Inquiries from buyers was up 120% on last year and interest was notable from the investment market as yields on rental properties look more attractive than interest rates on savings.

Prices are at the time of coming to market for the estate agents listed with Rightmove, which claims to cover 90% of the market.