Britain's housing market is recovering, but is a new property bubble being blown?

A report by Nationwide said the average price of a house had risen by 9.2% between the first quarter of 2013 and the opening three months of 2014.

In cash terms, the average UK price is over £178,000.

What's more, March is the third consecutive month that house prices were rising in all regions.

So why are house prices rising?