Nationwide

The failure of the government and the industry to implement the recommendations set out in the Miles Report is costing UK consumers around £1bn a year, according to Nationwide.

Nationwide says a survey it commissioned suggests three-quarters of people renting privately or living with their parents still want to buy a place of their own despite surging house prices.

House prices gained nearly 2% in the past month alone, which means the average house price is up by almost a fifth in the past year, says the latest Nationwide house price survey

Nationwide believes its mutual status has been the key to the group's success as it today reported a pre-tax profit of £73.5m over the past year.

Nationwide has issued a warning to borrowers not to overstretch in light of its latest house price index report, which shows the average house price to earning multiple is now 5.5x.

Property prices are seeing a resurgence and are now expected to rise an average 15% this year or at least 10% in the capital, suggests the latest house price update from Nationwide.

There still seems to be no slowdown in house price inflation, according to the latest Nationwide house price update, as property values rose another 3.1% in February.