Mortgage interest rates may have hit rock bottom. An analysis by Moneyfacts shows that less than third of lenders cut their standard variable rate (SVR) in response to the latest cut in rates by the Bank of England.

No sooner does the Nationwide declare that house prices rose by almost one per cent in March than its rival, The Halifax, concludes quite the reverse and reports that average prices fell in March by almost two per cent. Nevertheless, both indices could be pointing in the same direction.

The pace at which house prices in Glasgow and west central Scotland are falling has slowed in the last three months, raising the possibility that the worst of the falls in price are now behind us.

House prices rose unexpectedly in March according to the Nationwide, although prices across the UK remain nearly 16 per cent lower than a year ago. In Strathclyde, price falls have been limited to 10 per cent or less depending on area.

The number of live mortgage ‘products’ has gone up for the first time in eight months, according to the latest analysis by Mortgage Brain.

The Scottish Government has expanded its Open Market Shared Equity Pilot scheme, offering a new route into home ownership for first time buyers.