It seems that grim situation prevailing over the housing market in the UK has been getting better. It has been said so as UK house prices have witnessed a humble rise of 0.4%.

Figures have been revealed through a survey carried out by the Nationwide building society. Nationwide's chief economist Robert Gardner was of the view that the rise in prices has been witnessed due to the combination of a number of factors.

"With the UK returning to growth in the first quarter of 2013, the improvement in wider economic conditions may also be playing a role in boosting sentiment", said he.

Gardner was of the view that if to talk about the annual growth then it has increased to 1.1%. It means that an average house will cost £167,912 in the UK. To talk about the factors that have played a role in improving things, Gardner talked about the Funding for Lending Scheme.

It is such a scheme in which banks borrow money from the Bank of England at discount rates in order to provide money to customers, who take them in the form of loans. It shall however, be noted that the Bank of England give discount only when other banks are able to prove that they are providing the money to customers as loan.