Nationwide Building Society

Nationwide Building Society has announced it is to restrict the maximum LTV of its interest-only mortgages to 75%.

House prices climbed in consecutive months for the first time in almost a year, Nationwide figures show, but the building society said prices were now more likely to move modestly lower through the rest of 2011.

MPs have called on the government to take action over Nationwide's planned closure of all its inner southeast London branches.

Nationwide said the housing market was "treading water", as figures show house prices increased by only 0.3% in February following a 0.1% drop the previous month.

Nationwide has extended a deal with Legal and General (L&G) to offer investment advice in the building society's branches until at least 2016.

House prices dipped again last month as the sluggish market activity in evidence since last summer continued into 2011, Nationwide says.

Nationwide has reported a 26% rise in profits after it saw impaired loans almost halve during the first half of 2010.

This week: OPM CIO Tony Yousefian looks at the effect of Treasury cutbacks on housing

The Nationwide has called for further quantitative easing after property prices slumped 0.7% this month, continuing the price falls that started in the summer.

Average UK property prices increased by 0.1% in September to stand at £166,575, leaving the annual rate of house price inflation at 3.1%, according to Nationwide.