The Funding for Lending Scheme (FLS) launched by the Government / Bank of England last June (although no money was actually available until August) as a way of expanding money supply through cheap loans (click here for more about it) might not be helping to finance many businesses directly but it does seem to be getting the housing market moving.

Halifax's House Price Index shows prices growing by 1.9% in the quarter to January, compared with the three months before. Its report says prices were up 1.3% on the year, the first annual rise for 27 months. The average price of a home is now £162,932.

The signs of improvement in the market, which began at the same time as the introduction of the Funding for Lending Scheme, continued into the New Year, Halifax says. It is not going on record with a prediction about the outlook for house prices but points out that rising mortgage approvals indicate further increases in home sales in the coming months.

It says house sales in 2012 were at their highest level for five years.